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What is a definition of externalities. How does the presence of an externality distort a normal free market? What three potential solutions are suggested for overcoming externalities? How do they prevent an externality such as pollution?
Consider the random relocation economy developed in this chapter. Each person receives an endowment of 500 goods when young and nothing when old. People only want to consume when old. Let Mt= 1.1Mt−1for every period t. Write down the contract that a ..
Explain, using the isoquant-isocost diagram, why a rise in the rental rate of capital coupled with no change in the wage rate will lead to a rise in the price of the capital-intensive good relative to the price of the labor-intensive good.
If the family buys the 4-day pass and uses 2 days on this visit and 2 days on the next visit, what IRR is earned? (Answer: 35.7%)
Hours worked across countries of the world vary in rather sizeable ways. Provide 3 plausible economic explanations for these differences.
What is a summary (net) reaction for purine biosynthesis.
Are they oligopoly or monopolistic competitions? Can you describe in detail why they are what they are? What role does Mutual interdependence play in these? Evaluate whether these industries have “enough” competition or if consumers would benefit fro..
Using the method of comparables, what should be Delta's stock price?
Suppose that business buy a total of $120 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. how much in revenues do businesses receive in the product market?
The demand for good x is given by Qdx=6,000-1/2 Px - Py + 9Pz + 1/10M. Determine the demand function and inverse demand function for good X, graph the demand curve for good X. How many units of good X will be purchased when Px = $5,230? Please show a..
Monopsony and the Minimum Wage. A monopsonist firm operates according to the production function: Y = L where L is labor. Workers supply labor to the firm according to the following labor supply function: L = (alpha)(w). Write down the full the profi..
Refer to the table below. The table shows the monthly economic profit of a drugstore. Total (gross) revenues per month $ 27,000 less explicit costs: Economic profit (revenue minus all costs) $2,000 If the owner of the drugstore hired a manager for $1..
Global outsourcing has cost the U.S. economy far more than one million jobs since 2001, or somewhere between 15 and 35 percent of the total decline in employment since the onset of the 2001 recession. What will it likely do to the overall level of U...
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