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Consider the previous exercise and now suppose both types of residents can migrate to the other district.
a. Which residents will move?
b. What will be the equilibrium distribution of residents?
c. Are there still residents unhappy with the amount of local public good?
d. Is the provision of public good ancient (according to the Samuelson rule)? Explain why or why not.
Some people make the same claim about more marketoriented forms of economic systems. What do they mean? Do you agree or disagree?
A few years ago, when residential electricity in the state of Washington cost about half as much as in nearby Montana, the average household in Washington used about 1,200 kilowatt-hours per month, whereas Montana used about half that much per hou..
Assume Firm Y's production function is given by the following Cobb Douglas equation: Q = 0.5 x L0.6 x K0.5 where L denotes labor and K denotes capital. a. Does the production function exhibit increasing, decreasing or constant returns to scale
Kal Tech Engineering is investigating the possibility of acquiring new automated packaging equipment at a cost of $12,000. The equipment will have a salvage value of $1,000 at the end of its useful life of 10 years. It is determined by the plant e..
Modifying an assembly line has a first cost of $80,000 and its salvage value is $0. The firm's interet rate is 9%. The savings shown in the table depend on whether the assembly line runs one, two or three shifts, and on whether the product is made..
Discuss the possible implications of making participation in social security voluntary. You can also use arguments of adverse selection and moral hazard covered in chapter 9
Suppose the number of points on an economics midterm (P) can be characterized by the following production function: P = 10H - 4B where H is the number of hours spend studying and B is the number of beers in the week prior to the midterm.
Support all arguments using relevant frameworks (e.g. AD-AS) and arguments from class and/or the textbook.
The market shares below are hypothetical and should not be cited in any paper you write in a future business class. General Motors = 24% Toyota = 20% Ford = 16% Honda = 12% Chrysler = 10% BMW = 7%
The Klein Corporation's marketing department, using regression analysis, estimates the firm's demand function, the result being Q = -104 - 2.1P + 3.2I + 1.5A + 1.6Z R2 = 0.89 Sample = 200 observations where Q is the quantity demanded, P is the price,..
consider a monopolist facing the market demand p=100-2q. Marginal cost equals to 10; How many unit will t produce At what price Compute and identify in a graph: monoplist profit, consumer surplus and deadweith loss.
Is the sample mean always equal to one of the values in the sample? If so, explain why. If not, give an example.
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