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A society has two people: 1 and 2. Person 1's true demand (marginal benefit) for a public good is given by P= 60 - 2G and 2's true demand is given by P = 120 -G. the total cost of providing G is TC = G^2.
a. What is the optimal G? Show on a diagram
b. Calculate the total (net) benefit to society of the optimal G, as well as the total net benefit to each parson.
c. Suppose the total cost of providing G rises to TC = 2.5 G^2 , and that government forces both individuals to share the cost of providing G it chooses equality. Show that in this case, given that person 2 tells the truth, person 1 has an incentive to announce that she does not value G at all. Calculate the DWL in this case.
If the SP curve is steep then monetary and fiscal policy will have a ________ effect on inflation and a ________ effect on unemployment.
Jane receives utility from two goods, goat’s milk (m) and strudel (s), according to the utility function: Show that increases in the price of goat’s milk will not affect the quantity of strudel that Jane buys; that is show: ∂s/∂pm = 0.
In recent decades Americans have increased their purchase of stocks of foreign base companies.
Suppose she is offered a new job that would pay her $15,000 and would bring her earnings high enough so that she no longer qualified for any welfare benefits.
If individuals resisting change are included in making change decisions in an attempt to gain their support, what is this approach called?
If the economy falls into a recession, the stock's return is projected at a negative 11.6 percent. The probability of a normal economy is 80 percent while the probability of a recession is 20 percent. Illustrate what is the variance of the returns..
Illustrate what would happens to P* if there is a decrease in demand followed by an increase in supply followed by another decrease in demand.
Discuss major fundamental shortcoming of theories of cost determination in england prior to roughly 1870, why failure.
Assume we are examining the market for luxury automobile in the USA. In separate graphs, graph what occurs when each of the following happens For each graph explain what is happening and why. Consumer’s income increases.
q1. what are the factors that will allow them to increase their added value in this type of competitive environment?
What would be the effect of a $5000 increase in the competitors' advertisement expenditure and outlet demand curve c) What would joy's advertising expenditure have to be to counteract this effect?
How does this export subsidy affect the domestic price of steel, the quantity of steel produced, the quantity of stell consumed, and the quantity of steel exported. how does it affect consumer surplus, producer suprlus.
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