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Pedro loves playing rock music at high volumes. Mario loves opera and hates rock. Unfortunately, they are next door neighbors in an apartment building with paper thin walls.
a. What is the externality here?
b. What command-and-control policy might the landlord impose? Could such a policy lead to an ineffecient outcome?
c. Suppose the landlord lets the tennants do whatever they want. According to the Coase theorem, how might Pedro and Mario reach an efficient outcome on their own? What might prevent them from reaching an efficient outcome?
Assume $92,500 is an accurate estimate of the annual savings that will result from this investment, but it is not clear how long the machine will be used. Assuming that the salvage value decrease linearly from $500,000 to $50,000 over a 10-year in..
What is the expression for METAL,K given this production function?
Within your supplemental readings for this semester, there are several discussions of the Keynesian multiplier. In the minds of the critics that you read, which is not a deficiency of the multiplier concept
If the United States gave Pakistan $1 billion for environmental clean-up of its water system, but a large portion of the money was diverted to be used for purchasing weapons,what would this be an example of in economic terms
Several years ago, American Economic Review published a paper in which the author claimed giving gifts at Christmas was "inefficient." Instead of giving gifts, which the receiver might not want, it would be better to give money so that the recipie..
Let the utility function be U = log(x) - l, where l is labour and x is consumption. Find the level of labour supply if the wage rate w=10.
Explain why in a monopolistic industry, if demand and cost curves are the same as those of a competitive industry, and if the demand curve has a negative slope and the supply curve has a positive slope, then monopoly output will be lower and price..
A constant cost, perfectly competitive market is in long-run equilibrium. At present, there are 1,000 firms each producing 400 units of output. The price of the good is $60. Now suppose there is a sudden increase in demand for the industry's produ..
When is a stratified sample an appropriate sampling technique? specific characteristics of the population are of no concern individuals in a population are not equal each member must have an equal chance of being selected you have a small population ..
There are 200 pounds of food on an island that must be allocated between 2 marooned sailors. The utility function of the first sailor is given by Utility= ( F1) Where F1 is the quantity of food consumed by the first sailor. For the second sailor u..
Someone claims that under efficiency wage models "if the wage rate increases in a market with heterogeneous workers then we will have a shift in the labor demand curve, and not a movement along the c..
Managers are very interested in how a consumer makes a choice among alternatives. In this exercise, we ask you to consider the amount of money you spend purchasing gasoline to operate your automobile for a month and any alternatives available to y..
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