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Question 1: The economic implications of externalities (5 marks to parts a and b)
a) Briefly explain what an externality is in economic terms using an example to illustrate your answer.
b) Draw a diagram showing how the market equilibrium will change if the marginal social costs of a polluting production activity are included rather than just the marginal private costs of that activity.
Question 2: Public goods
(a) Define and describe the two main characteristics that define a public good.
(b) Using these characteristics construct a matrix of four types of good (from pure private goods to pure public goods) and list three examples of such goods under each type.
The existence of only three big U.S. auto manufacturers is evidence that the market structure is anti-competitive and that antitrust laws are being broken. Measure this assertion.
Fronterra, created in 2001 by New Zealand lawmakers, profits some 13,000 dairymen instead of all the citizens of the nation.
Given the asymmetric information situation a prospective employer faces in hiring from this labor pool, what is the average salary that they would pay without a signal?
How much revenue does McBurger currently earn based on the information above and is McBurger maximizing its revenues
Suppose a firm in the short run under perfect competition with P=250, TC=1,000 + 100Q + 2.5Q^2 , and MC=10+5Q-Find out the level of output that the firm needs to produce to maximize profits?
Describe and discuss; Use the concepts of economies and diseconomies of scale to describe a firm's long run Average Total Cost Curve.
During 2005, Orlando, Florida, was increasing rapidly, with new jobs luring young people into the area. Despite rise in population and income growth that expanded demand for housing,
Find the Cournot solution for the market price and output of mineral water and illustrate with a simple graph and the marginal revenue function facing a monopolist is given by: MR = 200-20Q Demonstrate that firms A and B have an incentive to coopera..
Plot graphically the demand and MR curves for each market, and also show GGC's combined marginal revenue curve (?MR) and its MC curve. Show graphically the quantities that should be produced and sold, and the prices that should be charged, in each..
Compute the best response function of each firm in terms of prices. Compute the resulting equilibrium price quantity combination for each firm. Describe your answer with a suitable graph. Also calculate optimal profits of each firm.
Compute the cash flow for the 20 years for the cogeneration system as an increment relative to the avoided cost of utility electricity and natural gas
A company wants to prepare the demand curve for its product that it is selling. How would it get the information to prepare the schedule? How could a company prepare the demand curve for the new product that has not been seen by the public?
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