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a) Draw a supply and demand showing a market with an initial equilibrium price of $2, and an external cost of 30 cents per unit. Suppose the government imposes a corrective tax of 30 cents per unit that raises the equilibrium price by 10%. Show the new supply / social cost curve. Does the quantity rise or fall?
b) Circle the right answer: With positive externalities, an unregulated market will (under / over) provide the good, and the solution is to (tax / subsidize) the good.
Using a required reserve ratio of 10% and assuming that banks keep no excess reserves, which of the following scenarios produces a larger increase in the money supply, explain why. Someone takes $1000 from under his or her mattress and deposits it in..
Microeconomics - study of individual behaviour - individual industry like education, meat industry, tourism and agriculture. Choose any ONE industry in Australia from this list and discuss the reforms been done in that industry. Cost of production- i..
q.1. find the sample correlation coefficient between x and y.2. how would you decide if a simple linear regression
Patrice owns a travel agency. Her accountant most likely includes which of the following costs on her financial statements?
Jerry went to a nightclub last weekend. He met a good-looking woman and they hit it off. They spent the night in a motel. When he got up the next morning, the woman was gone. When he went to the bathroom, he saw a message scrawled on the mirror in li..
A study found that lower airfares led some people to substitute flying for driving to their vacation destinations. This reduced the demand for car travel and led to reduced traffic fatalities, since air travel is safer per passenger mile than car tra..
Consider the following version of our one period macro model. The representative household’s preferences are defined over consumption C and labor N. Their preferences are given by the utility function U(C, N) = C −( N^(1+ (1/ν))/( 1 + (1/ν) where ν >..
The Townsville City Council is considering a proposal by the mayor to construct a recreational facility at a cost of $1.0 million. The facility is expected to have a useful life of 30 years during which operating costs are expected to average $100,00..
A monopsony firm will not pay as much for factors of production as will a firm in a competitive market for inputs. Graphically, demonstrate the equilibrium solution for the monopsonist and explain why this is different than the competitive solution.
Gross Domestic Product is defined as. If we add up the value of every final good and service produced in the economy, we must get a total that is exactly equal to the value of. To include in GDP the value of the parts used in producing a car along w..
Calculate the marginal cost function. What is Chill man's profit-maximizing cost as well as output combination.
The president of the United States receives an annual salary of $400,000. Derek Jeter, shortstop for the New York Yankees, receives an annual salary of $23.2 million. If the president of the United States actually contributes more to society than Der..
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