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Problem
Suppose that the price of peanut butter rises from $2 to $3 per jar.
a. The quantity of jelly purchased falls from 20 million jars to 15 million jars. What is the cross-price elasticity of demand between peanut butter and jelly? Are they complements or substitutes?
b. The quantity of jelly purchased rises from 15 million jars to 20 million jars. What is the cross-price elasticity of demand between peanut butter and jelly? Are they complements or substitutes?
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
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Problem based on Oligopoly and demand curve, Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
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Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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