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1. The authors of the economics text state that a government may help promote economic progress if it provides goods or services that are not otherwise offered by other markets. Give an example of the types of goods that markets are unable to provide.
2. The authors of the economic text argue that the cost of income transfer payments (entitlements) to the economy as a whole will always be greater than the gain received by the beneficiaries. Summarize the argument supporting this statement as presented by the economic authors.
3. In a general summary of the economics book, the authors discuss some basic economic cornerstones that are necessary for economic prosperity. Identify these cornerstones and briefly discuss why they are necessary for economic prosperity.
q.a purely spirited wheat farmer can sell any wheat he grows for 20 per bushel. his 5 acres of land show diminishing
Assume that a firm has the following short-run production function: q = 10L^0.5 and that the market wage rate is 4. Derive the equations for marginal and average product of labor. What is the equation for the firm’s short-run supply curve?
Which of the following would result in a short-run increase in the wage rate in a com- petitive labor market?
You are a newspaper publisher. You are in the middle of a one-year rental contract for your factory that requires you to pay $700,000 per month, and you have contractual labor obligations of $1,250,000 per month that you can’t get out of. What happen..
Illustrate what marketplace structure is more beneficial for Wonks to operate in also will this be the same marketplace structure which will benefit consumers.
What happens to the demand for Sara's sweatshirts in long run. In long run, what happens to Sara's economic profit.
If price equals average total cost, economic profit will:
Alex is willing to buy the last ticket to the Billy Bragg concert for $15, while Jake is willing to pay $25. Alex is first in line and buys a ticket for $15. He then resells his ticket to Jake for $20. By reselling the ticket instead of going to the ..
An industry demand curve faced by firms in a duopoly is P =69 - Q, where Q = Q1 + Q2. MC for each firm is 0 ( note: Marginal Revenue has twice the slope as the demand curve.) How many units should each firm produce? How much money will each firm make..
In a perfectly competitive market for coal, consumers’ benefit function from consuming tons of coal , is given by B(Q)= -.25Q^2+240Q In addition, the coal producer has a cost function given by: ?C(Q) =.1Q^2 +2Q. Suppose the government imposes an ad v..
In an intertemporal l decision-making context, the real interest rate is considered as the price of today’s consumption relative to future consumption. The empirical fact that the labor supply curve is upward sloping suggests that the substitution ef..
q1. if the college puts a rent ceiling in rooms of 650 a month illustrate what is the rent and explain how many rooms
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