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Both public goods and common resources involve externalities.
a. Are the externalities associated with public goods generally positive or negative? Use examples in your answer. Is the free-market quantity of public goods generally greater or less than the efficient quantity?
b. Are the externalities associated with common resources generally positive or negative? Use examples in your answer. Is the free-market use of common resources generally greater or less than the efficient use?
Based on the Theory of Consumer Behavior discussed in Chapter Eight, why would consumers start buying iPads in larger numbers instead of larger computers as they did in past decades?
How might freeing up dead capital have helped to increase Mongolia’s rate of economic growth? What kind of investment would foreign residents undertake if they were to purchase a small fraction of the shares of stocks owned by Mongolia’s residents?
What is the market price and market output of smoodie in the short run and how many smoodies does each firm produce an hour? What is the economic profit made or economic loss incurred by each firm? Explain and show how you calculated.
What is Zynga's profit-maximizing number of games to be published and what is the total amount of the externality at Zynga's profit-maximizing quantity?
For a closed economy, the IS curve describes short-run movements in an economy via which of the following? According to the Phillips curve, if current output is above potential output (a boom), According to the Phillips curve, in general during a rec..
College education provides higher income for the individual, but also a more productive and more educated person who will contribute to society in many ways. Carbon dioxide emissions are thought to contribute to global warming, and there is concer..
A firm that sells e-books books in digital form downloadable from the Internet sells all e-books relating to do-it-yourself topics (home plumbing, gardening, and so on) at the same price. At present, the company can earn a maximum annual profit of..
The Swiss pharmaceutical global corporation Hoffman-La Roche has made a major breakthrough in the relief of a serious disabling disease that affects 3 percent of the world's population. Its new product Tigason is the first product that effectively..
Economists often stress that congestion helps account for the law of the diminishing returns.With this in mind, list and explain related increasing costs caused by traffic jam in Ho Chi Minh City, Vietnam
Discuss which principles of economics directly relate to your purchasing decision - compare the marginal benefits and the marginal costs associated with your purchasing decision.
Draw the demand and supply curves. Label each curve and identify the initial points
Presume the own price elasticity of demand for good X is -5, its income elasticity is 1, its advertising elasticity is 3, and the cross-price elasticity of demand among it and good Y is 4. Decide how much the consumption of this good will change if:
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