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It has been proposed that toll collection on the Massachusetts Turnpike, a key commuter route into Boston from the west, be discontinued. Proponents argue that tolls have long ago paid for the cost of building the road; now they just provide cash for tax bureaucracy. A number of economists are opposing the repeal of tolls on the grounds that they serve to internalize externalities. Explain this argument and discuss why the government often gets involved when finding solutions for externalities.
Construct a production possibilities curve for a hypothetical country. Put public capital goods per year on the bertical axis and consumer goods per year on the horizontal axis.
Assume that a cake is being divided in following way among two players. Each player writes down a number from zero to one on his piece of paper.
Explain how might this allocation under allocation get resolved via the means suggested by the coase theorem.
The Xerxes Firm is composed of a marketing division and a production division. The marketing division packages and distributes a plastic product made by the production division.
At the same time dozens of low price producers started growing plants for sale. The net result was a decline in the average price of houseplants.
Assume that the potato chip industry in the Northwest in 2007 was competitively structured and in long-run competitive equilibrium; firms were earning a normal rate of return, in 2008 two smart lawyers quietly bought up all the firms
Work out the effects of the following changes on 1. International price of bananas 2. Output of both goods in both countries.(Show the changes in world relative supply and demand curves and the PPF of each country).
Assuming no population growth or technological progress, find the steady state capital stock per worker, output per worker, consumption per worker and investment per worker given that the rate of saving is 20% and depreciation rate is 10%.
f she feels that the fist pound of potatoes is worth $1.50, the second pound is worth $1.14, the third pound is worth $1.05, and all the subsequent pounds are worth $0.30, how many pounds of potatoes will she purchase?
If the numbers of home and commercial users are equal, and you cannot distinguish between commercial and home users, what is the most profitable pricing strategy.
economists sometimes use concentration ratios to evaluate whether industries are oligopolies. In this application, you will make your own determination using the most recent data available. You will also discuss the merits and disadvantages of oligop..
Compute the implied arc price elasticity of demand. Is a further price decrease warranted.
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