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1) Define the sustainability criterion as used by Tietenberg. What does this criterion say about fairness to future generations? What does this criterion say about efficiency? How can depletable resources be used today and still satisfy the criterion?
2) Is water a renewable or depletable resource? Explain how water is allocated in the western US and how this may result in an inefficient allocation. What better methods of allocation might work toward efficiency?
Global Investment Group operates in a perfectly competitive industry with the following Cost and Revenue data: What is the loss minimizing output level for the firm?
A firm sells in a competitive market in which price is $10. Its marginal cost is 2 + .5Q. Find out the profit-maximizing level of output.
There is an inherent tendency in industry to substitute labor with fixed capital and employers can compel workers to produce more than the value of their labor.
Suppose this person is relatively happy with the initial amounts in his or her possession and will only consider trades that increase utility by at least amount k. How would you illustrate this on the indifference curve map?
While referring to the "EYE on YOUR LIFE" section on page 183 of the textbook, apply this concept to your life. Develop your own policy position on price floors and price ceilings.
In 2007 and 2008 the Federal Reserve Open Market Committee voted to lower interest rates repeatedly. Please explain: a) why the Fed would do this, b) how the Fed would do this,c) Possible consequences on the economy of the Fed's actions.
characteristics of the job market and employment placement include all the following except (points 5) its very stable unbalanced supply and demand career portals on corporate websites reduce recruitment cost the job market has essentially moved o..
the government pays attention to elasticity of demand when it selects goods and services on which to levy excise taxes
The day after Thanksgiving, I've already invested time and money in training you, and don't have time to train a replacement; you suddenly realize you're in a strong bargaining position, and threaten to quit unless I raise your salary.
supply and demand conceptsyou have been hired by a new firm selling electronic dog feeders. your client has asked you
In each of the following cases, either a recessionary orinflationary gap exists. Assume that the aggregate supply curve ishorizontal so that the change in real GDP arising from a shift ofthe aggregate demand curve equals the size
Suppose the demand for a product is given by P = 60 - 2Q. The supply is given by P = 10 + 3Q. If a $10 per unit excise tax is levied on the buyers of a good, what will be the deadweight loss created by this tax.
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