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The village of Pescatore is situated next to a medium sized lake in which citizens can fish from privately owned boats. The cost to a boat owner of owning and caring for a boat is 4 groschens. The lake gets over-fished if too many boats share the lake. The total revenue from all boats in the lake is TR=48B-2Jil, where B is the number of boats in the lake. The village council notices that total profit from fishing is not maximized if citizens are allowed free access to the lake. The council decides to allow a boat to fish in the lake only if its owner buys a fishing licence. To maximize total profit (of citizens and council), how many groschens should the council charge for a licence licence?
Using the principles of supply and demand, develop a plan to alleviate the shortage of Math and Science teachers within this country. Try to use price and non-price determinants as your tools to reach equilibrium.
What key economic concepts underlie the employ of discount coupons by businesses?
The output effect of an increase in the wage comes about because higher wages:
Describe the likely impact of each of these three proposals on total surplus including social cost and benefit and Which of these proposals is most consistent with the Coase approach to externalities
While sitting in your office one evening, you start to think about some of the key microeconomic messages you wish to communicate to the Board.
Provide two examples of actions taken by a company, government, or organization whose effect is to prevent specific markets from reaching equilibrium. What evidence of excess supply or excess demand can you cite in these examples?
What is average productivity? What is marginal productivity? Explain the relationship between average and marginal productivity. What would happen to average and marginal productivity if a technological innovation were introduced to the production..
How much total utility does the consumer receive
Use demand and supply analysis to illustrate the changes in chicken prices described in the article. Describe what has happened in the corn and soybean-meal markets and how that has influenced the chicken market.
Describe why alternative efficient allocations may have different total levels, and different distributions, of wealth.
Find an expression for the marginal product of labor, MP L , when the amount of capital is fixed at 16 units, and then illustrate that mardinal producer of labor depends on the amount of of labor hired by calculating the marginal porducto of labor..
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
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