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When will the society be better off not permitting production of a particular good?
A.The price of this product equals its marginal cost
B.Its marginal cost equal marginal revenue
C.Its price is larger than the average total cost
D.External cost exceed the total surplus from consuming the good
An inland river system is in need of rehabilitation to reduce the salinity level in water and remove blue green algae. The rehabilitation scheme involves a program of surface and ground water seepage interception and treatment to remove salt and nutr..
Discuss one aspect of the low-cost-carrier business model, such as Ryanair’s, that provides a sustainable cost advantage over a large network carrier, for example, British Airways.
A major problem for the implementation of privatization during the early years of transition in the formerly planned socialist economic systems has been
Suppose that the so-called “new normal” sluggish economic growth of the last several years is the economy’s real potential, and not the higher growth rate of years past. What does this imply about how accommodative the Federal Reserve has been (and s..
How would you explain to someone from Cuba(a communist economy) the differences between their economy and ours (a free-market economy) in terms of the three basic tasks of any economy.
Fixed costs exist only in:
In a perfectly competitive market for electricity, suppose the total cost (in dollars) of generating electricity is given by C(Q)= Q2+100Q, where Q is the unit of electricity produced. Derive the supply of electricity in this market. Graph the elasti..
Describe the difference between GNP and GDP. Start with the identity GDP = C + I + G + X − M and add and/or subtract whatever is necessary to arrive at GNP. Be sure to identify the current account.
List and explain all the measures of elasticity that were covered in the slides, including Elasticity of Demand, Supply, Income, and Cross Elasticity of Demand.
Using this information, draw a Lorenz curve for each country. Remember to convert the above table into a cumulative %. Illustrate which country has the most equal distribution of income.
Choose the 10-year period of history between 1950 and today that you are going to research. What is it about this period of history that interests you? What are some major economic events that took place during this period?
Compare murder rates with and without death penalty. Cross-section of states: is murder rate higher on average in states without executions.
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