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The most common technology used for dry cleaning clothing uses toxic substances that, if disposed of in drains, will contaminate the water supply and cause brain damage in some people. The cost to society of these health effects has been estimated to be about 35 cents per item of clothing cleaned this way. A clean technique has been invented, that adds 22 cents to the average cost of production. It has only been adopted by 2 firms. Assume that this is a competitive market. a. Describe the externality in this situation. b. What would be the most efficient technology to use (from the economic perspective)? c. Explain why this market will NOT be allocatively efficient (why it will not produce the output with the most surplus). d. Draw a graph showing the externality and the loss in the market. e. Describe a policy that could be used in an attempt to internalize the externality. f. Describe a second policy that might also be used and briefly compare the pros and cons of each policy
A monopolist sells in two geographically divided markets, the East and West. Marginal cost is constant at $50 in both markets. Demand and marginal revenue in each and every market are as follows:
Starting from short-run equilibrium, the following occurs: personal income taxes rise and foreign real national income rises. What is the effect on the price level, Real GDP, and the unemployment rate in the short run
Draw a graph of the market for banana. What are the equilibrium price and quantity and calculate Rie's income elasticity of demand for beef. Show your calculation.
Suppose that in response to a foreign crisis, the goverment increases defenst spending to $50 billion. How would the increase in defense spending affect the economy How would the effects differ depending on the size and sign of the output gap when..
Timmy told the director of Human Resources that $30,000 was not enough money to get him to settle and that he was going to file a lawsuit against University for age discrimination. University Tool and Dye had not yet received Timmy's signed settl..
If leisure is a normal good, the Laffer Curve can have an inverted U-shape only if leisure and consumption are (at least at some point) sufficiently substitutable such that the substitution effect (on leisure) outweighs the wealth effect (on leisu..
If one kilogram of flour costs $2 in Canada, and 100 shillings in Kenya, what would Purchasing Power Parity predict the Kenyan shillingto be worth in Canadian dollars.
The domestic demand and supply for sugar are Qd = 40,000 - 200 P. The foreign supply is QSF = 20,000 + 100 P. Determine the total supply of sugar in the domestic market?
Describe why a change in a firm's total fixed cost of production will shift its average total cost curve, but not its marginal cost curve.
Hiring more supervisory personnel can reduce the principal-agent problem and decrease costs. can reduce the principal-agent problem but increase costs. will eliminate the principal-agent problem. is contrary to the profit incentive.
Institutional economics, especially applied to metropolitan areas, highlight problems with human capital theory and help us better understand wage differentials. Explain factors that shape wage differentials by metropolitan areas.
The marginal cost of making a wedding cake is $200. In order to maximize profits, Laura should make more than 20 wedding cakes per month. make fewer than 20 wedding cakes per month.
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