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The U.S. government is considering reducing the amount of carbon dioxide that firms are allowed to produce by issuing a limited number of tradable allowances for carbon dioxide (CO2) emissions. In an April 25, 2007, report, the U.S. Congressional Budget Office (CBO) argues that “most of the cost of meeting a cap on CO2 emissions would be borne by consumers, who would face persistently higher prices for products such as electricity and gasoline . . . poorer households would bear a larger burden relative to their income than wealthier households would.” What assumption about one of the elasticities you learned about in this chapter has to be true for poorer households to be disproportionately affected?
Does the principle of “increasing opportunity cost” hold in this nation? Explain briefly. (Hint:What happens to the opportunity cost of bread—measured in number of ovens—as bread production increases?)
Discuss how to use Coase theory to see mandated mercury emissions and what do you think Coase would say to a supporter of free market environmentalism.
With an unprofitable rural hospital that was offered a contract at a lower price, what are major economic concepts that are important in making the right decision?
1. How does a current budget deficit affect future workers How could a policy by the current government to reduce the national debt hurt these future workers 2. Monetary and fiscal policies are said to have "lags." What are lags and why do they exi..
Understanding of the elasticity of demand to dispute this claim, assuming that cigarettes have a very inelastic demand. Illustrate with a graph.
Find all Nash equilibria in pure strategies and what is the Pareto Optimal outcome under collusion? Show that this outcome is not sustainable.
What subsidy is necessary to induce the monopolist to produce the socially optimal level of output?
What are issues in choice of functional form and what would be an alternate functional form that avoids these issues?
What motivated the producers of those individual products to make them and offer them for sale How did the producers decide on the best combinations of resources to use Who made those resources available and why
While referring to the "EYE on YOUR LIFE" section on page 183 of the textbook, apply this concept to your life. Develop your own policy position on price floors and price ceilings.
Calculate the number of days it would take for the vendor to no longer need to borrow money in order to purchase $10 of vegetables and the day number on which no loan is needed?
You have opened your own word processing service. You have already bought a special computer needed for word processing.explain that expand your business by hiring an assistant.
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