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Major events in our country and around the world tend to have economic advantages for some segments of society and disadvantages for others. Determining who benefits can be tough for negative events, but it's especially important in order to prevent the unscrupulous from recapitalizing on them. Consider the following events and trends, and determine possible winners and losers from an economic standpoint.
Suppose if pollution is bad, why is there any tolerance and programs for pollution rights, tax incentives, and subsidies?
Find the taxi firms profit maximizing or loss minimizing output level, Q. Calculate the monopolist's total profit. What is the monopolist's average profit?
Discuss and explain one factor of how government involvement in marketplace can impact or not impact the economy. Give a real life example of this factor at work.
Assume that the experts sre correct and Canada is losing its competitiveness relative to other countries. We can take strong action to reverse this trend, or we can continue on as we have been doing. Explain which course of action you favour.
Explain how scarcity and choice are related. Economic theory says that a rise in the price of a good will cause people to buy less of it. If the price of meat increases and John Doe buys more meat, has the theory been refuted
Forecasting collect data using techniques of estimating demand functions in an attempt to forecast sales and prices.
Calculate the control costs under the tax policy and compare their total to that achieved under the command and control policy in (d). Which policy is more cost effective? Why do you expect this finding to be true in general?
The marketing team for a restaurant wants to estimate the price elasticity of demand coefficient for its steak dinner. It priced its dinner at different price points in local restaurants to see how many would be sold at different prices.
Provide an example of an airline or aviation firm trying to take advantage of economies of scale. Do you think they are/were successful? In what way?
Why does taxing a product lead to deadweight loss? Use an appropriate graph to explain why the deadweight loss is greater the more elastic the demand for a product.
Suppose the two countries are not trading and that both desire to have equal numbers of feet of timber and baskets of fruit. How would they allocate workers to the two sectors?
Determine the relationship between and returns to scale and obtain the long-run input demand functions and the total cost function.
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