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1. Suppose that fishermen have unlimited access to a pond of fish. The market for fish is competitive, so fishermen take the price as given (face horizontal individual demand). The fishermen face a private marginal cost, but do not consider the additional cost of depleting the stock of fish in the pond. Graph the demand, private cost, and marginal social cost for fish from this pond, showing the efficient quantity, the actual quantity, and the social cost of common access.
2. A local government is considering building new public hiking trails in the town. Suppose that the trails are public goods. There are two types of people in the economy, hikers and non-hikers, who face different (aggregate) marginal benefit curves: MBH = 40 - 10Q and MBN = 15 - 5Q for the hikers and the non-hikers respectively, where Q is the miles of trails. On the same graph.draw the marginal benefit curves for each type of person and the overall economy.
dominos pizza is considering entering the marketplace in your community. conduct research about the demographics of
If the firm wants to produce one unit of output at minimum cost, how much should it produce in each plant? If it wants to produce two units of output?
Nobel Laureate Robert Fogel of the University of Chicago has argued, "Expenditures on healthcare are driven by demand, which is spurred by income and by advances in biotechnology that make health interventions increasingly effective." If Fogel is ..
In a separate group discussion board, present two arguments. The first should argue in favor of the proposed merger, from the perspective of the firms. The second agrues against the proposed merger from the perspective of the broader public intere..
Functions of Money) "If an economy had only two goods (both nondurable), there would be no need for money because exchange would always be between those two goods." What important function of money does this statement disregard. Suppose the money ..
In a two-player one shot simultaneous move game, each player can choose strategy A or strategy B. If both players choose strategy A, each player earns a payoff of $400. If both players choose strategy B, each player earns a payoff of $200.
1. how does the united states national debt compare to other countries? in your opinion what should the united states
In 1983, the Reagan administration introduced a new agricultural program called the Payment-in-Kind Program. To see how the program worked, let"s consider the wheat market:
The executive committee of Lambda Gamma Phi asks you to iden- tify alternatives to buying full-priced hard-copy books at the campus bookstore. What factors are most important? The committee is most interested in the best price (including shipping ..
Answer the question in short-answer format. Write your response in complete sentences. Your answers to each question should include 2-3 paragraphs (200-250 words)! No more than 250-300 words!Be sure to carefully read the question to ensure that each ..
Draw the supply and demand curves for soybeans and calculate the equilibrium price and quantity in the market for soybeans - What is the equilibrium price and quantity in the market for apartment rentals?
Ten firms compete in a market to sell product X. The total sales of all firms selling the product are $2 million. Ranking the firms' sales from highest to lowest, we find the top four firms' sales to be $260,000, $220,000, $150,000, and $130,000, ..
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