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In the theory of public goods, the degree of rivalness of any good can be measured by SMC/AC, where SMC is the social marginal cost of the good and AC is its average cost. a. In order for SMC/AC to measure the rivalness of TV broadcasts we cannot define SMC to be the cost to society of an additional broadcast. Explain why not. How must SMC be defined? b. Explain why using SMC/AC to measure rivalness allows us to compare the rivalness of any pair of goods or services that could be provided by a private business. c. Estimate the typical degree of rivalness of an agricultural product like wheat (give a number). Explain how you get this number using your definition in part a. d. Estimate the typical degree of rivalness of the service provided by an internet search engine like that provided by Google. Explain how you get this number using your definition in part a.
HomeGrown is a small restaurant that specializes in serving local fruits, vegetables and meats. The company has chosen to enter into a long-term relationship with Family Farms, a local farming operation. The two parties have decided to enter into a l..
You decide to open an individual retirement account (IRA) at your local bank that pays 7%/year/year. At the end of each of the next 40 years, you will deposit $7,500 per year into the account (40 total deposits). 3 years after the last deposit, you w..
Discuss how Macy's department store could improve its net profit position? Discuss the specific factors in cost of goods sold that would improve the gross margin position of the department store in sales. What other programs besides JDA planning are ..
Which of the following is an obstacle to economic growth? According to the text, as compared to rich countries, most of the poor countries do not fare well because:
What effectiveness of monetary policy depends on how easy it is for changes in money supply to change interest rates.
Andrew has decided to open an online store that sells home and garden products. After searching around, he chooses the software company Initech to provide the software for his website since their product required the least amount of specialized inves..
George bought a car for $26,500. He made a down-payment of $4,500 and financed the rest on a 5-year term with a monthly payment of $575. What is the interest rate per month for the loan? What is the nominal interest per year? What is the effective in..
Arrows up or down. In the application on consumer loans in South Africa, the loan uptake rate _________ as the interest rate decreased and _________ when the model on the offer was switched from a man to a woman. Advertising for Loans. Consider the n..
Repeat these calculations for the third, fourth, and fifth years, assuming that the Government taxes at a rate each year and has noninterest expenditures annually.
If the quality differences of similar products are mostly imperceptible to the average consumer's eyes, which of the following will most likely play a major role in influencing the decisions of purchasers?
Compare how equilibrium is attained in the market for goods and services versus the market for real-money balances. (Hint: Explain what force moves the market back to equilibrium if the market is initially in disequilibrium).
As the baby boom generation begins to reach retirement age and the increase in the life expectancy in the US, people will be receiving Social Security payments for a longer period of time. In your opinion, what should the government do to handle this..
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