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Who sells permits and how many do they sell Who buys permits and how many do they buy Briefly explain why the sellers and buyers are each willing to do so. What is the total cost of pollution reduct
The clinic has hired an efficiency expert to examine its operations and make suggestions for reducing costs.For some of the medical procedures done at the clinic, experienced nurses can perform the me
Draw a supply-and-demand diagram to explain the effect of a negative externality that occurs as a result of a firm's production process. Define and give an example of a public good.
What is price elasticity How does Moore's Law relate to this concept What is sepcial about falling chip price What is the advantage of using grid computing to simulate an automobile crash test a
If the government knew the cost of reduction for each firm, what reductions would it impose to reach its overall goal What would be the cost to each firm and the total cost to the firms together
Even though this chapter is all about the classical explanation of business cycles, this innovation in economic theory is thanks to the ideas of John Maynard Keynes. That's why we call it a "Keynesi
The purpose of taxes is to generate revenue to allow government to provide services to citizens that they cannot easily provide on their own. If the government chose to reduce taxes by eliminating s
Workers are compensated by firms with "benefits" in addition to wages and salaries. The most prominent benefit offered by many firms is health insurance. Suppose that in 2000 workers at one steel pl
Under what circumstances, and why, would the government be opposed to a merger of two firms How does the Justice Department decide which mergers to challenge
But before the Fed can act, the presidents chief economic advisor holds a press conference and states that the Fed should ease its policy to stimulate the economy. Does this statement make easing th
If the Fed chooses the money supply at the same time as people are setting wages and prices, so that everyone has the same information about the state of the economy, then monetary policy cannot be
What do economists mean when they say that monetary policy can echibit cyclical asymmetry How does the idea of a liquidity trap relate to cyclical asymmetry Why is this possibility of a liquidity tr
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 wit
Corporations such as McDonalds may be partially responsible for health issues such as obesity, but how much of the responsibility goes to the US Dept. of Agriculture, which has subsidized the produc
Suppose a computer virus disables the nation's automatic tellter machines, making withdrawals from bank accounts less convenient. As a result, people want to keep more money on hand, increasing the
a. Demonstrate mathematically that ATC and AVC are not parallel. b. Show mathematically that when both ATC and AVC are falling, ATC falls faster than AVC, and when both are rising, AVC rises faster
Explain why the monopolistically competitive industry is said to be inefficient with "too many firms, each producing too little output." Explain what might offset this inefficiency from the point of
If you buy a new car the entire purchase is counted as consumption in the year in which you make the transaction. Explain briefly why this is in some sense an 'error' in national income accounting.
Compute their TR, MR, ATC, MC and profit/loss schedules and find out the equilibrium price, equilibrium output, unit profit, and total profit at the equilibrium point for these ingenious entrepreneu
Your decision to pursue a higher-level degree is based on investment in human capital. What are the marginal costs and benefits of pursuing additional education and the inherent risks associated wit
Although GDP per capita is the most commonly used measure of a country's success, many economists believe it does not give an accurate measure of a nation's economic well-being. Some studies have co
If the demand elasticity for kiwi fruit is -0.2, would kiwi farmers be better off if tropical storms destroyers 1% of each farmers crops what does that tell you about the farmers incentive to form a
The government is considering a policy to reduce air pollution by restricting the use of "dirty" fuels by factories. In deciding whether to implement the policy, how, if at all, should the likely ef
This assignment focuses on the comparison of perfect competition and monopoly in terms of efficiency and fairness. To complete this assignment you must complete all of the following questions. Micro