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Assume that a competitive market has an upward-sloping supply curve and a downwardsloping demand curve, both of which are linear. A tax of $0.10 per unit is currently imposed in the market. Suppose that with the tax the equilibrium quantity is 70,000 units. Now suppose a government project purchases 5,000 units of output from this market, causing its equilibrium price to rise from $1.10 to $1.20 per unit. Further suppose that of the total units purchased, 3,000 units purchased for the government project comes from displaced demand. a. Use Method (1) to measure the net social welfare change that results from the government project (give numerical values for ΔTB, ΔTC and ΔNSW). b. Use the Quick-and Dirty Method to measure the net social welfare change that results from the government project. c. What is the shadow price of the output?
Suppose an airline is losing money because they cannot fill enough seats in their flights with passengers. The airline would offer a flight only if at least 70% of the seats could be filled. The average total cost for the typical flight is $12,600. W..
A family farms corn on their land. They must decide how to produce corn: they can harvest the crop entirely with hours of their own labor (z1), they can harvest entirely by machine (z2), or they can use a combination of labor hours and machine hours...
Use scholarly sources to support the current debate between the White House and Congress regarding what measures are necessary to address spending and revenues (e.g., news reports, official statements, press conferences, as well as numerous governmen..
Given the following MV information, what is the optimal allocation of care according to the Paretean criteria, when the marginal cost of care is constant at $100? Person A Person B Quantity of Care Consumed MV Quantity
Elucidate the difference among nominal and real variables and give tow examples of each. According to the principle of monetary neutrality, which variables are affected by changes in the quantity of money.
Suppose that the production function for floppy disks is given by Q = KL2 L3 where Q is the number of disks produced per year, K is machine-hours of capital, and L is man-hours of labor flow of capital service. a) Suppose K=600. Find the total produc..
A market is characterized by a demand curve that can be expressed as P = 3000 – 10 Q. Each of the two identical firms currently serving the market has a total cost function of the form C = 250 q. There are no fixed costs. Explain how your payoff matr..
Don is altruistic. Show the possible shape of his indifference curves between charitable contributions and all other goods. Does this indifference curve violate any of our assumptions? Why or why not?
How does our current economic growth rate compare to some of the other major countries around the world? Explain the relationship between unemployment and gross national product (GNP).
In the circular economic flow diagram, households:
Annual demand and supply for the Entronics company is given by:QD = 5,000 + 0.5 I + 0.2 A - 100P, and QS = -5000 + 100P
Firms raise capital from investors by issuing shares in the primary markets
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