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In each case, indicate whether the statement as given is true/false/uncertain and explain why. Points will be given for the explanation of your answer only. Write your answers as completely as possible.
1.The problem of social choice is complicated by the wide range of individual perspectives (e.g., biocentrism, anthropocentrism, sustainability, etc.), but the more difficult problem is taking whatever individual preferences exist and coming up with a choice that balances the competing interests in determining what is best for society.
2. If a polluting firm (for example, a steel producer) is also a monopolist in its output market, the appropriate pollution tax should be even higher than the standard Pigouvian tax in order to discourage both the firm’s pollution production and its monopolistic behavior.
3. A firm facing a tax on pollution has a greater incentive for a firm to innovate (i.e., find new, more efficient ways to reduce pollution) than a firm facing a technology standard.
The first fundamental welfare theorem gives the conditions under which the private market can lead to a particular efficient outcome. A Pareto efficient allocation is one that yields a fair outcome.
Define scarcity and opportunity cost. How manager can apply these two concepts in management decision making?
What market structure would this industry fall under? What are the names of other firms in this industry? Is it monopolistic competition, oligopoly, monopoly, or perfect competition?
When a university bookstore prices chemistry textbook at $200 each, it generally sells 120 books per month. If it lowers the price to $160, sales increase to 160 books per month. Given this information, we know that the price elasticity of demand for..
Assuming that no currency leakage occurs, how much will the bank be able to lend to its customers following the Fed's purchase?
Describe a situation where the presence of multicollinearity would not necessarily be a bad thing. Explain your rationale. Describe a situation where multicollinearity would definitely be a bad thing and recommend remedial measures for the situation ..
The recent immigration of labor into the United States from Mexico has led to increased calls for new restrictions on this movement of labor (including greater enforcement of existing restrictions). What would be the costs and benefits to the United ..
q1. if michael has 48 to spend on cola and pretzels what combination should he purchase in order to maximize his
When most consumers and firms reduce spending only because they expect other consumers and firms to reduce spending, and a recession results, A. a real-business-downturn has occurred. B. a self-correction has occurred. C. a coordination failure has o..
Italian energy concern Eni SpA agreed to annually purchase 2 billion cubic meters of LNG from Nigeria LNG Ltd. for resale to the United States. The gas is to be produced at the Bonny facility in Africa and delivered to the Cameron import terminal in ..
Suppose that your demand curves for gadgets and widgets are both straight lines but your demand curve for a gadget (DG) is much more elastic than your demand curve for widgets (DW). Draw a graph that illustrates your demand and transactions for gadge..
On the first day of the New Year to get her business started, the owner/photographer of Exquisite Portraits Inc. paid $200 for business cards, $1000 for a listing in Yellow Pages, and $250 for an annual business license. What are the monthly fixed co..
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