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Roads are (or at least should be) built to reduce transportation costs. Often we think in terms of saving time. However, as each vehicle enters the highway (with the same primary purpose), the highway becomes more congested. Assuming that no driver enters the highway with the primary purpose of causing congestion, the congestion that results is a negative externality. Discuss possible ways to reduce the externality of highway congestion. Don't be afraid to explore a variety of solutions. Could the Coase Theorem be applied in this case? Briefly explain
This problem focuses on the labor supply effects of taxes. Assume there is a worker (Cosmo) who has a utility function over money income m and leisure l is u(m, l) = √ ml. Cosmo chooses how many hours to supply to the labor market where h = 16 − l su..
In which directions are they pushing or pulling the U.S. economy? Also, do you think the gap between real GDP and potential GDP will widen or narrow?
Describe how the Production Possibilities Curve (PPC) changes for a nation facing increasing opportunity costs for producing food and video games given the following events
The DOT is testing a new restoration & maintenance resurfacing project. The annual cost of the new equipment is $120,000/year and material cost is $4/mile. Alternatively, the traditional process requires equipment that cost $150,000 today with a 15 y..
Suppose that Antonio, an economist from an AM talk radio program, and Caroline, an economist from a school of industrial relations, are arguing over government intervention. Caroline: The usefulness of government intervention in the economy is a long..
A student investment club, The Millionaires Club, is considering purchase of a security for the club. The current earnings per share is $.75 and is expected to increase by $.05 each year into the future. If 30-year government bonds are paying 4.6%, w..
Discuss the following excerpt from a recent story in the Wall Street Journal. In your discussion demonstrate that you can use the concepts of: "price discrimination" and "barriers to entry" to explain: A) the current success of Harrah's strategy; and..
Its terminal salvage value will be $23,000, with annual operating costs of $7,500 for labor and $2,500 for maintenance. The company's minimum attractive rate of return is 18%.
A competitive firms production function is f(L, K) =min{K, L} (i) Find the conditional demand functions for both inputs through cost minimization (ii) Find the total cost function, average cost function and marginal cost function.
In each of the following situations, which good would you expect to have more elastic demand and why? Required textbooks or mystery novels. Beethoven recordings or classical recordings in general.
Problem 1: David has $50 to spend on chocolate (X) and ice cream (Y). The price of chocolate, PX, is $5, and the price of ice cream, PY, is $8. His utility function for chocolate and ice cream is given by U = 2X1/4Y1/5.
What is grouping ambiguity? If a claim is made by a disinterested party, we know that. What is the meaning of the rhetorical device called a stereotype?
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