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Figure 7.2 illustrates a negative production externality. It can be adapted to describe the case of negative consumption externalities, in which buyers would consume too much because they failed to take into account the costs their consumption imposes on others. This kind of externality can be visualized with shadow demand curves rather than supply curves. Redraw Figure 7.2 to illustrate the negative consumption externalities associated with smoking. Find the socially optimal level of consumption and the amount of tax or penalty needed to bring it about.
Pitt and Penn State must decide on next year's in-state tuition for full-time undergraduate studnets. Pitt plans to increase Pitt tuition by 4% plus on half o Penn State's percentage increase in tution. Similarly, Penn State plans to i..
the world of videos operates a retail store that rents movie videos. for each of the last 10 years world of videos has
If the unemployment rate stays two percentage points above full employment for an entire year, a. How many jobs will be lost in a labor force of 160 million b. If the average worker produces $100,000 of output, how much output will be lost
Suppose an economy's real GDP increased from $300 in 2009 to $400 in 2010. 1.What is the growth rate of its real GDP 2.If the growth rate of real GDP were to continue at the same rate you have calculated, how many years would it take for real GDP t..
What is your view on this?
(a) indicate the best strategy for each firm. The strategies for firm A are low price and high price and the strategies for firm B are enter and don't enter. What is the best (optimal) strategy for each firm
Assume the following about Mushroom Kingdom: there are 16869 gold coins in circulation, nominal GDP is 86722 gold coins, the Central Bank of Mushroom Kingdom increases the number of gold coins in circulation by 2.4% each year, and GDP increases by..
Explain how to quantify the gains
Which of the following is not a reason why some workers are paid above the equilibrium wage?
How would you use data from foreign exchange market to decide between these two hypotheses?
identify which of these could represent a demand function and which a supply function.
What is the threshold number of insurance companies the number at which each insurance company will be indifferent about providing free LoJack systems?
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