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The mayor of Wappingers Falls was told by your Microeconomics class that gasoline has an inelastic demand and raising the price of an inelastic product raises revenue. The mayor wants to raise town
Suppose the economy is slumping into recession and needs a fiscal policy boost. Voters, however, are opposed to larger federal deficits. What would policy-makers do
A perfectly competitive industry is initially in a short-run equilibrium in which all firms are earning zero economic profits but are operating below their minimum efficient scale. Explain the long-
In an effort to reduce their total costs, many companies are now replacing paychecks with payroll cards, which are stored-value cards onto which the companies can download employees' wages and salar
These two questions are about population proportions.
Critics have argued that if there are strong factor substitution effects, these subsidies could reduce employment in the state. Explain their argument. How does this affect the labor market
Ronald Coase points out that a market failure does not arise simply because people ignore the external cost of their action. What other condition is necessary What did Coase consider to be the effic
How do local zoning ordinances try to promote land uses that generate external benefits for neighbors Why have authorities found it so difficult to regulate the fishing in the open ocean to allow for
a. A university requires buyers of season tickets for its basketball games to buy season tickets for its football games as well. b. Dairies that bid on contracts to supply milk to school districts col
Why do producers have more interest in government regulations than consumers do (a) Compare and contrast the public-interest and special-interest theories of economic regulation. What is the "captur
Describe and explain EIA's forecast for the price of gasoline, coal and natural gas. Identify the factors that are affecting the forecast. Discuss specifically the impact of shifts in supply, shifts
Barry, a recent engineering graduate, never took engineering economics. When he graduated, he was hired by a prominent architectural firm. The earnings from this job allowed him to deposit $750 each
Draw an average total cost curve, an average variable cost, and a marginal cost curve all on the same graph. Make sure to correctly label the axes. What relationship must exist between the marginal
The Principal-Agent Problem: You are hired as a management consultant to provide recommendations on how to stimulate productivity of the manufacturing firm that produces Printer Cartridges. Your 50%
Many states provide firms with an "investment tax credit" that effectively reduces the price of capital. In theory, these credits are designed to stimulate new investment and thus create jobs
1. What does it entail?
Besides addressing the issue of externalities, what other important and beneficial roles does the government play in a market economy?
Research the Americans with Disabilities Act on the Internet.
There are only two polluting sources in the region, each of which generates 10 units of pollution for a total of 20 units released into the environment. The government determines that emissions must b
Affect resource conservation and the speed of depletion?
Consider two metropolitan areas, one that has many small school districts and one that has only a few large school districts. In a paragraph, what are the efficiency and equity effects of introducing
What is a government budget deficit How does afederal budget deficit affect the economy How does it affect thelevel of investment and interest rates How does it affect the individual consumer
Suppose that the economy is currentlyat potential output. Also suppose that you are an economicpolicy maker and that a college economics student asks youto rank, if possible, your most preferred to
(1)Compute the optimal prices, and the Lerner index and inverseelasticity of demand for each good. (2)Now suppose the goods are produced by two firms that chooseprices simultaneously. Compute the Nash