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Supose that in a perfectly competitive market, the demand curve is given by P=100-Q, the supply curve is given by P=20+Q.
1) In a single graph, represent the demand curve as well as the supply and social supply curves. Solve for both the equilibrium and the efficient equilibrium.
2) Which type of externality does this represent? Give real life situations.
3) What could the government do to correct this externality?
After years of no change, a few years ago, we had a three phased increase in minimum wage. Now we are discussing raising it further, to $10.10 an hour Are people that work for minimum wage better off after an increase in minimum wage? How will this i..
During the Great Depression, business people in the United States were very pessimistic about the future of economic growth and reluctant to increase investment spending even when interest rates fell. How did this limit the potential for monetary pol..
Briefly summarize Hazlitt's economic "Lesson". Be sure to explain all aspects and facets of “The Lesson”. Briefly apply "The Lesson" to government price-fixing in general, and rent controls and minimum wage laws in particular. Be specific and precise..
A firm sells diving masks to two market segments. Segment A has a demand curve given by P = 80 – 2 QA, while Segment B has a demand curve given by P = 60 – (1/2) QB. The firm has fixed costs of $300 and a constant marginal cost (MC) of $16. Calculate..
Explain how a bandwagon effect might speed up the rate at which DVD players are adopted by consumers. Do likewise for the case of cable television subscriptions.
q1. if an increase in the budget deficit reduces national saving and investment we have witnessed a demonstration
You hear that during the last recession in the early 1990s consumer incomes fell by 10% and the purchase of computers fell by 17%. From this you determine that: since the income elasticity of computers is positive, computers are a normal good
In open economy, what is the source of demand in the foreign currency exchange market?
Describe the primary point of view that you use to guide your thinking. What are the strengths and weaknesses of your view? In addition, describe a time when you, someone you know, or someone from a story you have seen experienced activated ignorance..
Increasing the government budgetary surplus or decreasing the deficit is desirable in a period of:
An economy consists of three workers: Larry, Moe, and Curly. Each works for ten hours per day and can produce two services: Mowing lawns and washing cars. Calculate how much of each service is produced under the following circumstances. You can use a..
William is the owner of a small pizza shop and is thinking of increasing products and lowering costs. William’s pizza shop owns four ovens and the cost of the four ovens is $1,000. Each worker is paid $500 per week. What number of workers appears to ..
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