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Suppose the factory Afro-Puffs Inc. produces wigs. As a by-product of this wig production, they also produce dangerous emissions of toxic gases (as a result of the strong glue used to hold the hair in place). The De-Lite car factory, down the road, experiences a negative externality from this production process. Suppose that the supply curve (private marginal costs) for the wig factory is X = (2/5)P - 2, and it faces a market demand of Xd = 15 - P/2. The marginal damages caused by the production of wigs can be written as X = P - 1/2. (a) Find the equilibrium price and quantity in the market for wigs. (b) Find the socially optimal level of wigs and the corresponding price. (c) How much should the wig factory be taxed per wig?
q.representative consumers have the utility function ucls lnc ln1- lsrepresentative consumers have labor endowment of
Mutual interdependence occurs when
Classify each of the following scenarios as an example of adverse selection or moral hazard. Be sure to support your answer! Nordstrom†TM s cannot predict who is going to be a good shoe salesperson.
President Obama, in promoting the cost savings of government health care stated: "... Private insurers have to make a profit. Nothing wrong with that, that's what they do. And so [private insurers have] higher administrative costs, plus profit on top..
Yet medicines with brand names that the man recognizes from TV commercials sell for more than the unadvertised versions. Elucidate in economic terms, this perplexing situation to the father.
Show the effect of each of the following events on the market for coffee by stating 1) if the equilibrium price went up, down, or stayed the same and 2) if the equilibrium quantity went up, down, or stayed the same.
Imagine you have some workers and some handheld computers that you can use to take inventory at a warehouse. There are diminishing returns to taking inventory. If one worker uses one computer, he can inventory 125 items per hour. What if you assign t..
Nicole sells cupcakes. She knows that if she charges $1 per cupcake, she will be able to sell 100 cupcakes. She also knows that if for every 25 cents she raises the price, she will lose ten customers. How much should she charge in order to make the m..
IM’s utility function can be expressed as u(x, y) =?1/X + y and his monthly income is 10 DOLLAR. Given that price for X is P won and Y is 1 DOLLAR, Calculates the X point price elasticity of demand.
Let the inverse demand curve for tennis classes is: P = 90 - 1.5Q. If the equilibrium price is $15, calculate the optimal quantity and the consumer surplus. If price increase to $30, calculate the optimal quantity and the new consumer surplus.
Explain the four tenets of the classical position. Consequences of Peace: explain Keynes concerns regarding the Armistice. What did Keynes really mean by "In the long run we are all dead." Explain how the multiplier can achieve full employment. What ..
Another group of economists, those who hold to the quantity theory of money, believe that V is predictable and otherwise unchangeable and that Q is steady. Is their view of the economy consistent with the Keynesian view, the classical view, or neithe..
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