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The solution to Externalities
Suppose the U.S. government determines that cigarette smoking creates social costs not reflected in the current price of cigarettes in the market. A study has recommended that the government can correct for the externality given the effect of cigarette consumption by paying farmers not to plant tobacco used to manufacture cigarettes. Assuming that the government is correct that cigarette smoking creates external costs, evaluate where the studyâ??s recommended policies might help correct this externality. Why does the presence of externalities not reflect societyâ??s costs and benefits in the market? Why are markets considered to fail the appropriate allocation of resources that are needed in the market? When answering the question, make sure to evaluate it from the different stakeholders that are present in the market.
Explain why dose not raise in aggreate demand translate into an increase in real GDP.
As with this data how could you make the cost benefit test to tell if at a given percentage level abatement is effiecient.
Illustrate what is the logic of a firm setting and exercising the application of a mandatory retirement age? What are the pros and cons of the mandatory retirement practice from the perspective.
Provide high domestic interest rates, what is the economic outlook for these Asian countries in the next few years.
Illustrate what are the major differences among an open and closed economy
Explain why the following statement is false: If a firm's output is increasing and marginal cost (change in total cost divided by change in quantity) is rising, then average total cost (TC/Q) must be rising also.
Suppose instead that the government wishes to impose a value tax of $0.25 on each dollar of the consumer's expenditure on good 1.Show the effect of imposing this tax in a graph containing before and after budget lines.
It is a study guide which will help students to further research the topic.
Find out an article which is related to health economics from health journal. Some possible sources include Health Affairs
Explain how much should the store charge for an yearly membership in order to extract the entire consumer surplus via an optimal two-part pricing strategy.
Assume that the Federal Reserve acts to lower interest rates. How this will affect the U.S. economy.
Assume if the objective is to increase total income, should the price be increased or decreased. Explain.
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