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In class, we covered the concepts of producers' and consumers' surplus.
a. With respect to different government policies, explain how changes in producers' and consumers' surplus may be used to assess the aggregate welfare implications of such policies. You may use a specific policy for illustrative purposes. Please use a diagram in support of your answer.
b. With respect to part (a), explain what is meant by deadweight loss. What gives rise to deadweight loss?
c. With respect to (a), explain the importance of price elasticity of aggregate demand. That is, what are the different welfare implications with respect to consumer surplus when aggregate demand is elastic compared to when aggregate demand is inelastic?
Suppose that the president proposes a new law aimed at reducing heath care costs: All Americans are to be required to eat one apple daily.
If the United States eliminates the tariff and the voluntary restraint agreement is approved, what will be the U.S. domestic price of the metal?
problem 1. perfect competition consider an industry in which there are 10 identical firms and 1000 identical consumers.
Two drivers—Tom and Jerry—each drive up to a gas station. Before looking at the price, each places an order. Tom says, “I’d like 10 gallons of gas.” Jerry says, “I’d like $10 worth of gas.” What is each driver’s price elasticity of demand?
Explain this relationship using at least two examples that incorporates all three concepts and explain how Demand, Elasticity, and Total Revenue are all related to each other
Would warehouse operators insist on owning their own trucking companies What coordination and control problems and contractual hazards would these companies encounter What organizational form would warehouse operators and truck hauling companies a..
Professional football teams sometimes charter airplanes to take them to their away games. Would you feel safer on a United Air Lines plane that had been chartered by the Washington Redskins than on a regularly scheduled United Air Lines flight
In many developing nations, young women have lower enrollment rates in secondary school than do young men. Describe several ways in which greater eductional oppotunities for young women could lead to faster economic growth in these countries
If you hold shares in a corporation and management decides to plow back the company's earnings some year instead of paying dividends, what are the advantages and disadvantages to you
What will be the effect of the following events on the market for French wine and the quantity consumed? Distinguish between the short-run and the long-run impact.
problem 1. use okuns law to answer the questions belowutnbsp- ut-1nbsp -0.4gytnbsp- 3 assuming ut-1nbsp 7a. compute the
Describe, using diagrams where appropriate, the market for rental accommodation before and after the introduction of rent controls.
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