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Engineers at a national research laboratory built a prototype automobile that could be driven 180 miles on a single gallon of unleaded gasoline. They estimated that in mass production the car would cost $40,000 per unit to build. The engineers argued that Congress should force U.S. automakers to build this energy-efficient car. a. Is energy efficiency the same as economic efficiency? Explain.
b. Under what circumstances would the energy-efficiency automobile described her be economic efficient?
c. If the goal of society is to get the most benefit from its limited resources, then why not ignore economic efficiency and build the energy-saving automobiles?
Compute the total revenue and total economic profit at each level of output. Compute the pizza shop's marginal costs and marginal revenue level of output. What is the profit maximizing rate of output for pizza shop?
Find the overall change in the economy's money supply if, when the reserve ratio is 5%, the Federal Reserve System buys $250 million of US government bonds from the banking system. What would have been the change if several billionaires deposited ..
Demonstrate that removing the subsidy will make consumers worse off but will nevertheless improve society's economic welfare.
Suppose the CFO of a German corporation with surplus cash flow has 1 million Euros to invest. Suppose that interest rates on 1-year CD deposits in U.S. banks
The demand and supply curves for gasoline (in billions per year) are given below. Using the equations, find the initial equilibrium price and the quantity in the market for gasoline.
The nation is divided into __12______ Federal Reserve districts, each having a Federal Reserve Bank.
Suppose that a perfectly equal distribution of income existed in Disneyland. Which of the reccent residents would have the same income he or she has in present distribution?
Illustrate in the graph below the deadweight loss (DWL) that would result if this monopolist were allowed to operate as a profit maximizing firm without regulation.
According to the quantity theory of money, what is the effect of increase in quantity of money?
Because net exports are counter-cyclical, analyze how the following change during an economic expansion: Consider the case in the context of a flexible exchange rate and a fixed exchange rate.
Explain why competitive markets normally lead profit maximizing firms to make choices about resource use that lead to an "efficient" allocation of resources to the market?
What is the main policy message of the AS-AD model, and how does it relate to the 1930s Keynesian revolution in economic theory? What should today's policy-makers assume about the natural rate of unemployment?
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