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Suppose that in a perfetly competitive market, the demand curve is given by P=100-Q, the supply curve is given by P=Q, and that the social demand curve is given by P=80-Q.
1) In a single graph, represent the demand curve, as well as the supply and social demand curves. Solve for both the equilibrium and the efficient equilibrium.
2) Which type of externality does this represent? Give real life situations that fit this type of externality.
3) What could the government do to correct this externality?
Explain what types of biases arise in the different approaches to understanding consumer demand and behavior.
Suppose the President gets Congress to pass legislation that encourages investment in research and the development of new technologies. Assuming this policy leads to a positive productivity change for the U.S. economy, use aggregate demand and supply..
Explain how Task Rotation Strategy allows the teacher to pay attention to the each of the four types of mathematics learner. Which student abilities are involved when students achieve representational fluency in the study of functions.
What are deadweight losses, and what are their causes? What are the market effects of a deadweight loss? What are the major factors that determine who will bear the burden of a tax or the incidence of a tax?
The Pretty Paper Company has joined a cartel of paper producers. Under the rules of the cartel, Pretty Paper will produce 1,500 packs of paper and sell them for $5 a pack. The members of the cartel watch each other to see if anyone is cheating. Expla..
The demand curve for Widgets is given by QD = 6000 - 2y - 200p + 30pG, where QD is the quantity of widgets demanded, y is the per capital income and pG is the price of Gizmos. An increase in per capital income will cause A) demand shifts left. Can yo..
Do you think you can match the different projections? For example, do you think that a 5% increase in income is associated with a 10% tariff rate and a 2% inflation rate? Explain by linking your discussion to at least all of the following concepts. s..
Adverse selection in bargaining arises from: FancyFoods restaurant decided to introduce an all-you-can-eat buffet on Tuesdays and Wednesdays to increase business.
From California to New York, legislative bodies across the United States are considering eliminating or reducing the surcharges that banks impose on noncustomers, who make $14 million in withdrawals from other banks’ ATM machines. Estimates suggest t..
Describe the concept of opportunity cost with example. What would be your opportunity cost of taking on-line classes to get a degree at your University as compared to taking classes at traditional day schools at your University?
Under oligopoly, if one firm in an industry significantly increases advertising expenditures in order to capture a greater market share, it is most likely that other firms in that industry.
Discuss the previous week’s objectives with your team. Your discussion should include the topics you feel comfortable with, any topics you struggled with, and how the weekly topics relate to application in your field.
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