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1. Four stores have a problem with theft and security is a public good. Let S stand for the number of person-hours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula MB = 200 - 2Q. Patrols cost $25 per hour.
a) What is the socially efficient level of security? b) If each store provided security independently, how much would each store provide? c) Draw a diagram to illustrate your answers. 2. A paper mill discharges gunk that causes damage of $200 to the fishermen's business. The pollution damage can be eliminated in one of two ways: the mill can install a filter at cost $300 or fishermen can install a water treatment plant at cost $100. a) Identify the efficient outcome. Assume the fishermen have property right to no Pollution (and the property right is protected by compensatory damages) b) Construct a game matrix to illustrate the interaction between the factory and the resident. c) Suppose first that it is prohibitively expensive for the mill and fishermen to negotiate. What will the outcomes? d) Suppose instead that the mill and fishermen can bargain costlessly. What will the outcomes be? Note: Apply the Nash bargaining solution where any gain from a bargaining is shared evenly between parties.
how many units of each product should she buy in order to maximize her utility. Show this utility maximiz- ing combination combination of Pepsi and Coke on the graph. how would her consumption and utility maximizing bundle of Coke and Pepsi change..
After Henry ford invented the assembly line for producing automobiles, other automobile companies copied his invention. The new technology rise the economies of scale in automobile producing.
Using the AD-AS model, if consumers and business become more optimistic about the future direction of the economy and increase spending, then: aggregate demand will decrease, aggregate demand will increase.
Suppose that velocity is constant and the economy's output of goods and services rises by 5 percent each year. What will happen to nominal GDP and the price level next year if the bank of Canada keeps the money supply constant
The government adopts a tax increase and cuts spending to reduce the budget deficit and the government adopts a "fiscal stimulus" by increasing its spending on infrastructure
Draw the world relative supply curve RS for good X. Label all the axes (relative price of good X on the vertical axis and world output of x relative to y on the horizontal axis) and the relevant points.
Derive a total revenue function and a marginal revenue function for the firm. Calculate the profit maximizing level of price and output for One and Only Inc.
Assume a monopolist faces the following demand curve: P = 180 - 4Q. Marginal cost of production is stable and equal to $20, and there're no fixed costs. What is the monopolist's profit maximizing level of output?
Analyze and recommend a strategy for communicating the policy to the organization in a manner that meets the needs of the audience. Specify potential limitations of the policy and strategies for monitoring and compliance.
Despite strong sales and a low marginal cost of producing the product, your company has yet to show a profit from selling the drug.
Cockatoos are drugged and smuggled in suitcases to the United States. Half of the smuggled cockatoos die in transit. Each smuggled cockatoo has a 10% probability of being discovered, in which case the smuggler is fined.
a hotel chain which gives it priority access to 25 percent of its rooms in major tourist destinations throughout the year. The contract encourages the hotel chain to increase the number of rooms in each of these hotels.
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