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A firm can produce steel with or without a filter on its smokestack. If it produces without a filter, the external costs on the community are $500,000 per year. If it produces with a filter, there are no external costs on the community, and the firm will incur an annual fixed cost of $300,000 for the filter.
a) Use the Coase Theorem to succinctly explain how costless bargaining will lead to a socially efficient outcome, regardless of whether the property rights are owned by the community or the producers.
b) How would your answer to part a) change if the fixed cost of the filter were $600,000?
Assume there are two services offered in economy: dance clubs and college education. Both require the use of limited resources, but not all of the resources used in each one can be readily transferred to the other.
Perfect Competition is a model of which examples are few and far between. Yet economists love to discuss this model. Explain why.
What's commonly used is a steam-driven catapult. Large pistons move within their cylinders, driven by steam pressure at one end, and tow the jet forward. Assume that the jet is brought from a stationary state to 159 mph in 2.15 seconds and that the..
Explain the income effect and how this might influence ticket sales for NFL? Do you think Wrigley's will raise or lower their total Revenue by raising prices?
Economists also use the principle of comparative advantage to advocate free trade among countries as a better policy. Trade is not based on absolute advantages countries have but the relative (comparative) advantage. 1. Does free trade contribu..
The long run supply curve for a particular type of kitchen knife is horizontal line at a price of dolla three per knife. The demand curve for such a kitchen knife is
Moral hazard and adverse selection are both examples of a) the principal-agent b)externalities in consumption c)efficiency in markets
Am I right in saying an isoquant for an output produced using 2 inputs that can be perfectly substituted for each other can be represented by a straight line
Differentiate the way Keynes and Friedman approach the economy. Determine the key differences and similarities?
we know that when an economy starts out at long-run equilibrium and the government cuts taxes, this will result in inflation int he long run. what happens if the economy is producing a level of output below the full employment (long run equilibriu..
As we all know that at present it is not legal for parents who wish to adopt a child to pay the birth mother for, or to offer to pay for, the babies they adopt.
EMC has preferred stock outstanding which pays a dividend of $5.00 at the end of each year. This stock was issued in perpetuity and has no maturity date.
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