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1. When negative externalities are present, it means that: a. All of these statements are true. production and consumption is above the socially optimal level. b. society bears part of the cost borne of private transactions. c. individuals don't take into account d. all the costs associated with their market choice.
2. All externalities: a. are harmful to society and create costs external to the decision maker. b. are addressed by the government through taxation. c. are beneficial to society and create benefits external to the decision maker. d. create either a cost or benefit to a person other than the person who caused it.
3. The distribution of surplus received from a subsidy offered in a market where a positive externality is present depends on: a. if those who are affected receive their true value of the externality. b. None of these statements is true. c. where the government gets the money to pay for the subsidy. d. how the subsidy is distributed among those affected by the externality.
4. Entitlement spending: a. All of these statements are true. b. rises and falls with the number of people who are eligible recipients. C. is public expenditure that is mandated and regulated by permanent laws. d. cannot be reduced without changing the laws outlining eligibility.
5. Who actually benefits from a subsidy to sellers? a. Only sellers benefit, since it is their subsidy. b. Only consumers benefit from any kind of subsidy. c. The benefit is shared depending on elasticity of the supply and demand curves. d. None of these statements is true.
A risk-neutral consumer is deciding whether to purchase a homogeneous product from one of two firms. One firm produces an unreliable product and the other a reliable product. At the time of the sale, the consumer is unable to distinguish between the ..
Assuming a constant marginal cost, a lower price elasticity of demand would call for a relatively lower mark-up ration. Mark-up pricing might be more suitable for monopolies. The higher the fixed cost the lower the break-even output quantity.
A firm’s short run total cost STC=4+q+q^2. It is a price taker. What is its short run average cost function SAC? Marginal cost function SMC? Draw them in one graph. How many should it produce if P=6? What is the profit? How many should it produce if ..
If these are the only two firms supplying gadgets, elucidate the elasticity of supply in the market for gadgets.
Costs for maintaining buildings at an industrial complex over a 13-year period are expected to be $3,932 in year 1, increasing at the rate of 15% per year through year 13. At an interest rate of 15% per year, what present worth (at time 0) is equival..
Given a sample of observations on yt and xt what is the most efficient estimator of mu? Is this estimator unbiased? What is its variance? What is the OLS estimator of mu?
Suppose you have estimated the consumption function as C=250=0.90Yd where Yd is disposable income. what is the corrosponding saving function?
The EPA debating preserving a section of wilderness as a protected area. The land is owned by a rancher who has offered to lease the land to the government for 20 years in return for an immediate lump sum payment of 1.8 million. Should the agency pro..
If your taxable income is $100,000 and state tax rate is 6% and federal tax rate is 34%, how much federal tax do you owe? A truck has a cost basis of $70,000. It has a total life of 150,000 miles with a $10,000 salvage value. You drove 50,000 miles i..
Supposed that two nation start out in 2013 with identical levels of output per work hour – say, $100 per hour. In the first nation, labor productivity grows by 1 percent per year. What are some examples, other than those given in the chapter of techn..
Copiers cost about twice as much as workers. Would you recommend they hire another employee or buy another copier?
Two identical countries, Country A and Country B, can each be described by a Keynesian-cross model. The MPC is 0.9 in each country. Country A decides to increase spending by $2 billion, while Country B decides to cut taxes by $2 billion. Find the tax..
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