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In class, we covered the concepts of producers' and consumers' surplus.
a. With respect to different government policies, explain how changes in producers' and consumers' surplus may be used to assess the aggregate welfare implications of such policies. You may use a specific policy for illustrative purposes. Please use a diagram in support of your answer.
b. With respect to part (a), explain what is meant by deadweight loss. What gives rise to deadweight loss?
c. With respect to (a), explain the importance of price elasticity of aggregate demand. That is, what are the different welfare implications with respect to consumer surplus when aggregate demand is elastic compared to when aggregate demand is inelastic?
Discuss Khalid's proposed business in terms of a competitive market and in terms of a monopolistic competitive market. Which type of market structure might he hope develops? Why? Does that development depend on him? Explain.
How would your answers to part c above change, if you could still use a TPT strategy but you could not discriminate between the customers?
What will the economic impacts of maintaining lower CO 2 emissions in the aggregate for the Turkish economy?
The government make a decision to finance the increased expenditures need to close the GDP gap, by rising taxes. Determine the necessary changes in government spending and taxes to close the GDP gap?
Briefly Explain how the Gross Domestic Product (GDP) affected the recession in the United States throughout the late President Bush and early President Obama years.
Determine what effect should each of following have upon demand for profitable music players in a competitive market?
Suppose A and B choose the amount they spend on the school independently. What is the Nash equilibrium level of the school's quality in Little Society?
Suppose that perfectly competitive firm faces the market price (P) $5 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curve at an output (Q) level of 1,500 units.
Graph the demand and marginal cost curves and calculate and indicate on the graph the equilibrium price and quantity
What appears to be the major constraint that the central banks used to determine the limits of the monetary injections into the economy? Did the United States use the same or different criteria?
The water company is privately owned and is the only water company in town. It is licensed and franchised by city for a 10 - year term, just renewed.
Does it make sense to hold sleep, work, and leisure fixed while changing study? Why or why not? Explain why this model violates the assumption of no perfect collinearity.
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