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Problem:
i) What is meant by ‘own' price elasticity of demand? What factors are likely to affect the size of this elasticity?
ii) A publicly owned bus line is running at a loss. It is suggested that the loss can be reduced by changing the price of the bus rides. Explain why whether the demand for bus rides is elastic or inelastic may affect whether the appropriate change in price is a price increase or a price decrease.
iii) The very existence of market failure suggests government intervention and provision. Discuss.
Economic Rent - Economic rent is difference between what firms are willing to pay for the input less the minimum amount required to obtain it. * An Example - There are tw
Determinants of Short Run Cost - The relationship among the production function and cost can be exemplified by either increasing returns and cost or decreasing returns and cost
The price at which output is sold in a perfectly competitive market is determined by
explain the main criteria for classifying firms into industries.which criteria serve the better and why?
Secondhand smoke globally kills more than 600,000 people each year, accounting for 1 percent of all deaths worldwide, according to a new study. . . . Researchers estimated th
What is Laffer curve The Laffer curve is named after Professor Art Laffer who suggested that as taxes enhanced from fairly low levels, tax revenue received by the government wo
If, for a specific project alternative, the discount rate equals the Internal Rate of Return, then the (discounted) Benefit Cost Ratio will equal unity (i.e., BCR=1.0). Define I
1. The marginal benefit (demand) curve for pollution for an industry is P=100-4*Q, where Q is emissions in tons. The current emissions tax (price) for pollution is $40/ton. Regu
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Cost Function for Savings and Loan Industry * The empirical estimation of long run cost function can be useful in restructuring of the savings and loan industry in wake of savi
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