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Under a monopsony scenario explain why the marginal labor cost is above the supply curve (average labor cost). What is the nature of inefficiency or misallocation associated with monopsony power?
Consider a country’s trade off between the production of two ‘goods’: environmental quality (extent to which their environment, including air and waters, are clean), and all other goods. Why is there a trade off? Explain.
Sean’s utility of wealth function is U(w) = 15. Sean owns and operates a farm. He is concerned that a flood may wipe out his crops. If there is no flood, Sam's wealth is $360,000. The probability of a flood is 1/15. If a flood does occur, Sam's wealt..
Consider a cod fishery. Suppose the growth function for cod is g(S) = 0.4 S (1 – S/1000), where S is the stock of cod in the fishery (measured in metric tons). Marginal growth of the fishery is given by change in g/change in S = 0.4(1 – S/500). Deter..
What is the current rate of inflation or deflation? Which one do think might be more disruptive for an economy, and why? Describe a policy in the AS-AD model that would reduce inflation from the current level. Do you the U.S. should adopt this policy..
Explain customer-perceived value. Explain total customer satisfaction. What valuable functions can brands perform for a firm?
A large city in the mid-West needs to acquire a street-cleaning machine to keep its roads looking nice year round. A used cleaning vehicle will cost $75,000 and have a $20,000 market (salvage) value at the end of its five-year life. A new system with..
Decide whether each of following statements is true or false. Then explain why your answer is correct, based on Slutsky decomposition into income and substitution effect.
If the government uses a tax to get producers to internalize their externality, what is the net price received by producers.
Explain how manager could improve and become more "well rounded". Also include what this manager did well. Include observations about the managerial environment.
A firm with market power faces the demand function q=4000-40p. The firm's total cost function is TC(q)=10q+.001q^2+1000. Demonstrate that the single price monopolist's profit maximizing choice of price and ouput also maximizes producer surpulus. Iden..
The rise in the US trade deficit during the 1980s was due largely to the rise in the US budget deficit. On the other hand, the popular press sometimes claims that the increased trade deficit resulted from a decline in the quality of US products relat..
What will the effects of the tax be in the short run on industry output and price. Will the price rise by the full ?ve cents in the short run.
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