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Consider the problem of the apple farmer. In your own words, explain the farmer’s optimal solution in the free market using marginal cost analysis. How might this solution be suboptimal from society’s perspective? Explain who benefits and is harmed under the free market solution. Explain who benefits and is harmed under the government subsidy solution? Using economic analysis and the guiding principles of sustainability, justify which solution is best.
Why do so many members of Congress believe that the federal government should subsidize local projects, such as improvements in bus or subway systems in major cities?
A change in input prices shifts the isoquant map. Convex isoquants mean that the marginal rate of technical substitution decreases as the firm substitutes labor for capital. A change in cost shifts the isocost curve.
Assume that your household gets a machine that cost Lesley provides you with food. Illustrate what would that do to your labor supply.
According to the Bureau of Labor Statistics, 8.3% of the labor force was unemployed in January 2012. A random sample of 100 employable adults was selected. Using the normal approximation to the binomial distribution, what is the probability that exac..
Suppose that the U.S. government determines that cigarette smoking creates social costs not reflected in the current market price and equilibrium quantity of cigarettes. A study has recommended that
Write an algebraic formula that gives Mr. Midas' demand for bonds. Illustrate what is the sum of his demand for money and his demand for bonds.
If an industry's long run per unit costs are constant as its output increases then?
On the same day, the San Francisco Chronicle had an article with the headline "Sharp Drop in Bay Area Home Sales"
Suppose utility had been leaner in wealth would this person willing to pay anything more than the actuarially fair amount for insurance.
An assembly-line worker is more likely to exert less effort and produce fewer units when he is paid by the hour than when he is paid based on the number of units produced.
Suppose that a country has no public debt in year 1 but experiences a budget deficit of $20 billion in year 2, a budget deficit of $20 billion in year 3, a budget surplus of $10 billion in year 4, and a budget deficit of $2 billion in year 5.
q.assume the followingi. the public holds no currency.ii. the ratio of reserves to deposits is 0.1.iii. the demand for
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