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Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases and particulates emitted by and local power plant,
1.What two policies could you use to reduce the total amount of emissions?
2.Why do you think they each would work?
3.What would the benefits of each action be (besides emissions reduction)?
4.What would the costs of each action be?
5.How would you decide what was the best level of emission reduction?
Neoclassical economics was 'a crucial stage in the creation of a genuinely scientific unified theory of economic behaviour'. Discuss.
How many times would this fully insured person visit the physician?
Suppose the government decides to place a tax on competitive business profits that would cause businesses to decrease output and generate a deadweight loss. Revenues from the tax would be redsitributed to low-income individuals. The decision to le..
Find out the own price elasticity of demand and state whether demand is elastic, inelastic or unitary elastic. Determine the income elasticity of demand state whether good X is normal or inferior
Given a 50% learning curve, where the first unit costs is $1,000, the cost of the 4th unit would be: a. $800 b. $250 In the linear break-even model, the difference between selling price per unit and variable cost per unit is referred to as: a. varia..
Based on the Coase theorem, if private parties can bargain without expense, then the private market will solve the problem of externalities
1. Why might federal spending on roads, waterways, or national security be less subject to direct expenditure off sets than spending on health care or education 2.What might account for the fact that estimates of effect time lags for fiscal p..
The second graph should show the situation for two women who have the same valuation of nonmarket time (shadow wage) but different market wage rates, again with one of them choosing to work in the market and the other choosing.
The phlebotomy lab is designed to accommodate 20,000 draws per year then what are the average and incremental costs of a blood draw when the volume is 20,000? 10,000?
Suppose a tax per unit output (per-unit tax) is imposed on the production of Q with the intent of making equal the market level of output and the socially efficient level. How high should that per-unit tax be? What is the gain in net social benefi..
Jeffrey has his own delivery business, but Discrimina has only paid him cash. Each time, Jeffrey has given the company a receipt for the cash. While he waits, he sometimes goes out for donuts for the crew.
Assume that the demand curve is given by the following: p=100 and the supply curve is given by Q=p-25. If the government puts in place a tax of 10 that must be paid by the buyer the deadweight loss that results is equal to:
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