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To properly justify the governmental provision of a public good, it must be the case that the __________ and that __________.
good is indeed a public good; the majority of voters want it to be provided
benefits exceed the costs; no lower cost provider exists
voters desire the good; no new taxes will be needed
benefits exceed the costs; a majority of voters value the good equally
A packing company uses two inputs: labor and glue. Suppose the work costs $ 10 / hour (salary) and the glue costs $ 5 / gallon and that the company has a budget of $ 100,000. Draw the line on lined paper isocost for the company. In the same diagram, ..
Indicate whether each of the following statements is possibly true or certainly false. The cost-minimizing bundle for y = 50 is l = 10 and K = 40 if labor and capital cost the same, and is l = 12 and K = 37 when labor costs $20 and capital costs $15.
Suppose every member of Congress genuinely believes that government expenditures are excessive and ought to be reduced by at least 10 percent. Why would this not be sufficient to assure a 10 percent reduction?
You are employed as an economic consultant to the regional planning office of a large metropolitan area, and your task is to estimate the demand for hospital services in the area. Use this information to project the impact of the following changes on..
In the model that we have studied, consumption is a function of disposable income or income minus taxes C(Y −T), which implies that taxes T are a lump-sum subtraction from income Y. Derive the expression for the government purchases multiplier dY dG ..
Genentech owns a patent on tissue plasminogen activator (TPA), which is an enzyme that helps the body break down blood clots. TPA is particularly valuable to cardiac patients, since it often allows heart problems to be treated with medication rather ..
A diminishing marginal rate of substitution implies that indifference curves are
Sarah’s friends are trying to convince her to leave her summer job one month early, from which she earns $1200 per month, to vacation in Costa Rica. If she goes there, her out-of-pocket expenses would be $2400. What is Sarah’s marginal opportunity co..
Choose what you consider the most significant difference between B2B E-Commerce and B2C E-Commerce: Explain the difference using an example, and why you think it is the most significant.
Per capita income in County A is $45,000. Per capita income in County B is $38,000. Physician visits average 3.4 per year in County A and 3.2 per year in County B. What is the percent change in the demand for visits?
Describe the Harrod-Domar growth model, and explain precisely how the model illustrates dynamic instability. Why is it often called the knife’s edge model? Another question lurks behind nearly all discussions of macroeconomic policy: Why should we be..
For the production function q= k^0.25 l^0.25. Find total cost function C(w,r;q). Show that it is homogeneous of degree one in input prices and explain the intuition behind this property. Find the profit function?(w,r,p). Show that it is homogeneous o..
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