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Ronald owns a cattle farm at the source of a long river. His cattle’s waste flows into the river and down many miles to where Carla lives. Carla gets her drinking water from the river. By allowing his cattle’s waste to flow into the river, Ronald imposes a negative externality on Carla. In each of the two following cases, do you think, that through negotiation, Ronald and Carla can find an efficient solution? What might this solution look like?
a. There are no telephones, and for Carla to talk to Ronald, she has to travel for two days on a rocky road.
b. Carla and Ronald both have e-mail access, making it cost- less for them to communicate.
Assume that the demand changes to QD = 600-2P and the supply function stays the same. Graph the new situation in Excel. Find the new equilibrium price and quantity, and show it on your graph.
Find out the market structure (competition, monopolistic competition, oligopoly, and monopoly) that best characterizes the infant formula industry.
Higher interest rates have an impact on the value of the dollar. What is the effect and how does this relate to foreign trade?
Assume that a profit maximizing monopolist faces an inverse demand function given by p(), and a total cost given by c(y). Suppose the government wishes to combat the undesirable allocational effects of a monopoly
smaller multiplier means that the change in government purchases of goods and services or taxes necessary to close an inflationary or recessionary gap is larger. Explain this apparent inconsistency
In reference to the 2008 Global Economic Crisis.
what level of output are your average variable costs minimized and at what level of output are your average total costs minimized?
a. A university requires buyers of season tickets for its basketball games to buy season tickets for its football games as well. b. Dairies that bid on contracts to supply milk to school districts collude to increase what they charge.
What factors can contribute to unemployment and how can technology lead to greater unemployment, or is it a benefit to the economy?
Aura has a utility function given by U(X, Y) = 4X0.5Y0.5. The current prices of X and Y are $25 and $50, respectively. Laura currently has an income of $750 to spend on X and Y.
Margie has just attended the funeral of her son William, who died this week after several years of poor life quality in the same nursing facility. William's first stroke happened 3 years prior; two more strokes followed, and he lingered in poor he..
Describe the market equilibrating process and compare the demand for food with demand for Starbuck's coffee. Include academic research to support your ideas.
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