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Suppose you are studying a community that has 10 individuals. Each individual has the utility function U(c, p) = c + ln(p).
a. Suppose each individual has an income of 30. P is a unique good because its a public good. This means that if I purchase police, my neighbors gets to consume whatever I purchase, and vice versa. How much c does each individual consume consume, and how p does everyone consume if the price of c is 2, and the price of p is 20?
b. What is the socially optimal level of P, based on the Samuelson condition?
c. How does your answer to part b, compare to a? What is a way we could get people to purchase more police?
Which of the following is NOT a reason why there are economies of scale?
Philosopher Robert Nozick makes the argument that taxation is akin to forced labor. If a person is required to work for the benefit of others against his or her will, then Nozick suggests the labor is forced. By imposing taxation on people, the U.S. ..
Suppose that income is m = 102, and prices are a = 2 and b = 5. Consider the following utility function: u(a,b) = (a + 2)(b +1) Find the utility-maximizing quantities of a and b. What is the maximum utility level that this consumer can achieve?
“If Congress cuts out the NASA space station, we will have wasted all the resources that we have already spent on it. Therefore, we must continue funding it.” Newspaper and soft drink are priced almost the same around $1 per unit by vending machines.
Calculate scale elasticity at the mean of the data; In order to reduce unit cost would you recommend an increase or a decrease in total production? Why?
Public health information can be broadcast at a cost of $100. Public health information is a pure public good, in that many people can use the information simultaneously and preventing people from using the information is very difficult. One group of..
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How is keyword this different than keyword super? What does the protected visibility modifier mean? How is keyword protected different than keyword private?
In the 1990s five firms supplied amateur color film in the United States: Kodak, Fuji, Konica, Agfa, and 3M. From a technical viewpoint, there was little difference in the quality of color film produced by these firms, yet Kodak’s market share was 67..
Explain why monopolistically competitive firms frequently prefer nonprice to price competition.
Identify an issue with opposing sides affecting your country, state, or city. Good sources to use for learning about this issue include CNN, the Washington Post, New York Times, and the Pew Research Center. Discuss the issue and offer some answers to..
Consider an environment where an agent could be either employed E or unemployed U. Let’s normalize E + U = 1, so that E and U are interpreted as the fraction of people employed and unemployed at any given point in time, respectively. What is the prob..
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