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For each of the examples below, answer the following questions:
(a) Is there an externality? If so, describe it, including references to whether it is positive or negative, and whether it is a consumption or production externality.
(b) If there is an externality, does it seem likely that private markets will arise that allow this externality to be internalized?
1. Toxic waste production by firms
2. Research and development by a high-tech firm
3. Individual vaccination against communicable illness
Presently you have to decide on a strategy - will PM Company simply sell its products (trade) or expand its markets via investment.
Rivalry and excludability are the two characteristics of goods that are produced through the competitive market system. Compare and contrast the difference in private and public goods based on these two characteristics. Then, explain the concept of t..
According to the rule of 70, how long will it take for your income to double if you get a 5 percent raise every year? If you start work at the age of 23 earning $40,000 per year and get a 5 percent raise every year, how much will you be earning if yo..
Relate to the previous task also define for both examples the current market situation - Surplus or Shortage.
Jeff Boynton,Consider the following graph:Based on the above graph, answer the following questions for a monopoly and a perfectly competitive firm. Discuss the differences you observe in above between the monopoly and perfectly competitive firm.
Using the midpoint formula, calculate the price elasticity of demand for the following problem: Calculate the income elasticity of demand using the general formula for elasticity:
Assume the Required Reserve Ratio is 10% and the balance sheet of the People's National Bank looks like the accompanying example:
A firm hires four workers and rents 16 acres of land for a season. It produces 150,000 bushels of crop. If it had doubled its land and labor,production would have been 335,000 bushels. Does it have constant, decreasing , or increasing returns to s..
The marginal revenue curve of a monopoly crosses its marginal cost curve at $30 per unit and an output of 2 million units. The price that consumers are willing and able to pay for this outputis $40 per unit. If it priduces this output, the firms a..
Tobacco production is one of the more heavily subsidized industries in the United States. Suppose that as a result of intense lobbying from health-related concerns, Congress repeals the tobacco firms subsidies. Which of the scenarios would likely ..
Illustrate what extent should managers base their plans on the assumption that customers and suppliers are self-interested.
Utilizing a supply and demand analysis, what would placing rent controls due to the number of apartments accessible for low-income individual.
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