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John and Dave value national defense differently. John's demand for the public good is: P = 50 - .20Q. Dave's demand for the public good is 30 - .30Q. The marginal cost of providing national defense is $40. What is the socially optimal level of national defense? Calculate the share of the tax burden for both John and Dave (in percentage terms) for national defense based on Lindahl pricing? Finally, let's assume that Republicans value national defense much more than Democrats (I realize this is a gross generalization). Based on this assumption (and not knowing anything else about John and Dave) who is a Republican and who is a Democrat? Explain
Is the firm that creates the higher value-added more or less profitable than the firm that creates lower value-added For each firm write a mathematical expression for the following quantities.
Suppose nominal GDP in 2005 was $14 trillion, and in 2006 it was $15 trillion. The general price index in 2005 was 100, and in 2006 it was 103. Between 2005 and 2006, real GDP rose by what percent?
an essay about the us feds involvement in the great panic and discussing the housing bubble and sub prime loans.
What price would Soft Rock have to charge to sell 2,000 T shirts? Compute the own price elasticity of demand when the price goes from $5 to $4.
Gizmos, Inc. produces gizmos at an average total cost (ATC) of $20 and an average variable cost (AVC) of $15. The only fixed input used in the production of gizmos costs $20. What are the total costs (TC) and total variable costs (TVC) of Gizmo’s cur..
Labor is a resource that is necessary to produce many goods. "If the price of labor falls," says the economist, "the price of goods will soon follow." How does this work?
Monopoly Rinks is the only ice skating facility in Mapleville. The next closest rink is about 100 miles away. It has determined that its demand curve is
The long-run Phillips curve suggests policymakers choose between alternative and which of the following will shift the aggregate demand schedule to the right?
Determine whether demand is elastic, inelastic, or unit elastic with respect to its own price and whether Good Y is a substitute or a complement with respect to Good X.
a consultant gives you the following equation which represents the demand for new cars as a function of the price of
Do you favor a laissez-faire approach or government intervention and regulation with respect to monopoly What are the benefits of your favored approach, in terms of economic efficiency Is one approach always preferable, or should each monopoly mar..
Are brand extensions an important brand-growth strategy or can they endanger brands? Perhaps start with a definition of brand extensions?
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