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1. What is the externality associated with an individual driving on a congested highway? how do tolls help alleviate this externality? How should tools be set? (Hint: would you always want the toll to be the same all day?)
2. The steel industry pollutes the atmosphere as a consequence of its production process. Is it possible that it would be better for society that steel is produced by a monopolist instead of a set of perfectly competitive firms?
3. Farmers irrigate their crops by drilling wells into the aquifer. As farmers pump more and more water from the aquifer, all must frill deeper to reach water: and the deeper the well, the more costly it is to pump the water
a) Identify the missing property rights in this instance
b) Is there an economic argument for limiting the amount of water farmers can pump from their wells?
You are in a class with one other student. It is the end of the semester and final exams are in one week. Your teacher has said the final exam will be graded so that anyone who scores the class average on the final exam will receive a B in the class.
When design dominance is discussed, what company name comes to mind.
Contrast the difference between temporary and permanent damages on the incentives of people to build new houses near the cement factory
The producer in the perfectly competitive market above will pick a level of production such that:
Are monopolies and oligopolies (firms demonstrating power) always bad for society? Be sure to provide real world examples of where this may be the case to strengthen your position in the google antirust case.
Assume that health insurance begins to cover hip replacement surgeries that everyone interested in getting a hip replacement has health insurance.
calculate the percentage change from 2001 to 2002 in nominal GDP, real GDP, and the price level. What is the value of the GDP deflator in 2002?
Illustrate what does this suggest about demand elasticity for drugs. Could it be that this experiment didn't actually measure elasticity very well and that elasticity is quite large.
Is there evidence that a party dealignment is occurring in the United States? What is the organizational structure of political parties? What are some of the functions of parties in the electoral arena? How do both the electoral system and federalism..
As an advisor to the project manager, Derrick Westmuller, illustrate what set of procedures would you advise they adopt.
Through international specialization and trade, a nation can reduce its opportunity cost of obtaining goods and thus ‘move outside its production possibilities curve.’”
A monopoly produces widgets at a marginal cost of $8 per unit and zero fixed costs. It faces an inverse demand function given by P = 38 ? Q. Suppose fixed costs rise to $200. What will happen in the market?
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