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Suppose you are in charge of a toll bridge that is essentially cost free. The demand for the bridge crossing is given by P = 12-2Q.
What is the loss of consumer surplus associated with the charge of a toll of $4.00
Discuss the reason why governments might want to intervene and how they might do- with respect to the following "problem" in the functioning of an otherwise perfectly-competitive ("pareto-efficient") economy:
Graph the accompanying demand data, and then use the midpoint formula for E d to determine price elasticity of demand for each of the four possible $1 price changes.
Describe the Soviet Rapid Development Model
A firm uses two inputs, unskilled labor (L) and capital (K) to produce its product. The wage rate for one unit of labor is $5, while units of capital cost $20.
Why is it not surprising to find that in an oligopoly which sells a basically undifferentiated product like chicken growth hormone all the firms change prices simultaneously, even if there is no explicit price fixing?
Suppose that a perfectly equal distribution of income existed in Disneyland. Which of the reccent residents would have the same income he or she has in present distribution?
Assume that Florida migrant workers are effectively unionized. What will be the impact of unionization on?
Answer the following questions as these general questions pertain to the specific issue selected.The questions that you will cover with respect to your choice of broad social issue in the paper are given.
What money supply must the Bank of Canada set next year if it wants to keep the price level stable? What money supply must the Bank of Canada set next year if it wants inflation of the ten percent?
Explain why competitive markets normally lead profit maximizing firms to make choices about resource use that lead to an "efficient" allocation of resources to the market?
The airline has an average of 40 passengers paying an average of $200 for this flight. Do you think the airline should be flying between the two cities? Evaluate from a short-run and long-run perspective.
What is the difference between contractionary and expansionary monetary policy?
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