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Suppose the factory Afro-Puffs Inc. produces wigs. As a by-product of this wig production, they also produce dangerous emissions of toxic gases (as a result of the strong glue used to hold the hair in place). The De-Lite car factory, down the road, experiences a negative externality from this production process. Suppose that the supply curve (private marginal costs) for the wig factory is X = (2/5)P - 2, and it faces a market demand of Xd = 15 - P/2. The marginal damages caused by the production of wigs can be written as X = P - 1/2. (a) Find the equilibrium price and quantity in the market for wigs. (b) Find the socially optimal level of wigs and the corresponding price. (c) How much should the wig factory be taxed per wig?
Applying the basic concepts of Microeconomics (Opportunity Cost, decisions made at the margin, agents respond to incentives). Discuss the individuals response to the presence of government provided unemployment insurance. i.e. will the worker take mo..
Suppose the Congress decides to reduce transfer payments but to increase government purchases of goods and services by an equal amount. That is it undertakes a change in fiscal policy such that ΔG = - ΔTR. Find the change in equilibrium income. What ..
Is it advantageous for all countries to utilize cheaper labor or does importing your goods.
When the price of natural gas is 3.71 per mcf, an average household uses 4.67 mcf. When the price of natural gas is 4.58, an average household uses 3.52 mcf. Calculate the intercept of the linear function that describes this relationship. The price o..
Explain why would the increase in GDP be greater than the increase of a $100 increase in government spending.
Candice can make 5 units of food per day if she devotes all of her time to food production. She can make 10 units of clothing if she spends the whole day at clothing production. Now suppose a trading ship visits the island each day and offers to buy ..
If the CPI was 110 last year and is 121 this year, what is this year’s rate of inflation? In contrast, suppose that the CPI was 110 last year and 108 this year. What is this year’s rate of inflation? What term do economics use to describe this second..
What are some of the ways a seller of goods might reassure a possible buyer who is faced with imperfect information? What are some of the ways that someone looking for a loan might reassure a bank that is faced with imperfect information about whethe..
Derive the IS-LM model by considering the expectation into the model. You need to explain which factors affect each of the curve, and how the changes of these factors will shift the corresponding curve of the model.
Indicate two ways in which the framers of the United States Constitution were directly influenced by the thought of John Locke. Indicate one way in which they diverted from, expanded upon, rejected, or otherwise revised Locke's thinking.
The accompanying table shows a boat manufacturer’s total cost of producing boats. Quantity of Boats Total Cost 0 $ 450,000 1 $ 490,000 2 $ 510,000 3 $ 520,000 4 $ 540,000 5 $ 570,000 6 $ 610,000 7 $ 670,000 8 $ 750,000 9 $ 870,000 1. What is the bre..
The effectiveness of monetary policy is increased
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