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In Pennsylvania, wine and liquor can only be purchased from "state stores," which are stores that are owned and operated by the state government. According to an analysis by Katja Seim of the University of Pennsylvania and Joel Waldfogel of the University of Minnesota, if the state of Pennsylvania were to allow unlimited entry of private liquor stores, the number of stores would increase by 2.5 times and consumer surplus would increase by 9 percent. Are these results sufficient to decide whether the state of Pennsylvania should abolish the system of state stores and allow free entry of private stores? In your answer, discuss the distinction between positive and normative analysis.
The market demand curve for the industry is D(P) = 240- P/2. At the equilibrium market price, each firm produces 20 units. what is the equilibrium market price, and how many firms are in this industry.
Teton National Park in Wyoming In addition to uncovering the marginal benefit to visitors from a given number of trips, the researchers also considered how the population of bighorn sheep affects the marginal benefits from visitation. This study reve..
The world price of books is $20. Suppose this economy opens its book market to trade and simultaneously enacts a tariff of $20 per book. Calculate the value of tariff revenue given the above information
Describe the difference between a monopoly and an oligopoly, and a cartel and provide an example of the monopoly, an oligopoly, and a cartel and write down the welfare effects of monopolies and oligopolies.
Describe what happens to investment, private savings, public savings, and national savings. Compare the size of the changes in the latter to the $20billion of extra government savings.
in the mid-1970s no one had a personal computer at home. today many people do. using demand and supply curves show the
create an idea for your own mnc to conduct international business. your idea should be simplified to the degree that
Presume Wave detergent is sold in a monopolistically competitive market. If the price of Wave detergent is currently $6 and the ATC is $4, in the long-run we expect
Discuss whether you would recommend this quantity as the manufacturing plan or the quantity found using the simple three year moving average in step two and why.
How would you treat the activities of criminals in GDP accounting? What about the activities of the police force?
Suppose you know that in this economy government spending is constant (autonomous) and equal to $30 million, investment spending is constant (autonomous) and equal to $40 million, and net exports are constant (autonomous) and equal to -$5 million...
what is the definition of price elasticity of demand? what is the relationship between price elasticity of demand and
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