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1. Four stores have a problem with theft and security is a public good. Let S stand for the number of person-hours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula MB = 200 - 2Q. Patrols cost $25 per hour.
a) What is the socially efficient level of security? b) If each store provided security independently, how much would each store provide? c) Draw a diagram to illustrate your answers. 2. A paper mill discharges gunk that causes damage of $200 to the fishermen's business. The pollution damage can be eliminated in one of two ways: the mill can install a filter at cost $300 or fishermen can install a water treatment plant at cost $100. a) Identify the efficient outcome. Assume the fishermen have property right to no Pollution (and the property right is protected by compensatory damages) b) Construct a game matrix to illustrate the interaction between the factory and the resident. c) Suppose first that it is prohibitively expensive for the mill and fishermen to negotiate. What will the outcomes? d) Suppose instead that the mill and fishermen can bargain costlessly. What will the outcomes be? Note: Apply the Nash bargaining solution where any gain from a bargaining is shared evenly between parties.
The marginal revenue is $3.00. What is the short-run and long-run condition for the monopolist and what output changes would you recommend?
When prices change, the income effect and substituion effect both contribute to the impact on quantities consumed. Explain how both effect a consumers utility maxization.
Consider an economy with a constant nominal money supply, a constant level of real output Y = 100, and a constant real interest rate, r = 0.10.
A nation has a fixed amount of Capital and Labor which lies on aggregate isoquant when all inputs are being used efficiently.
Determine the market equilibrium conditions in this market for Wides and summarize your recommendations or advice to Barks concerning market conditions and production levels.
Sally is planning opening her own new beauty salon. She anticipates the following expenses per year, Furniture: $20,000 Additionally, Sally is withdrawing $34,000
1. How do the federal rules of evidence address the originality of computer data in relation to the best evidence rule 2. Are the hearsay rules applied differently in cases of computer related evidence
As a project manager, dealing with conflict is part of the job. There are many sources of conflict; one source that is often overlooked is the manager. Based on the Week 4 reading and lecture, what managerial actions can cause workplace conflict.
What is the Federal Reserve (Fed) all about Which Federal Reserve District Bank is closest to you Who is the current Chairman of the Fed Should the Fed remain independent from political authority or should the President and Congress have a say in ..
You have won the lottery. There are two ways which you can receive your prize. You can either have 1 million in cash now, or you can have 1.2 million that is paid out as follows: $300,000 now, $300,000 in one year's time, $300,000 in two years' ..
Explain the circumstances in which a monopolist may encounter a free rider problem and determine the senses in which a perfectly-discriminating monopolist is efficient or inefficient.
The details about three identical firms operating in Cournot competition are given. The demand curve with marginal revenue, profit maximization, optimum quantity, total demand and market price related questions are answered.
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