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1. Present alternative definitions of sustainability. Give examples for each definition. Discuss the relationship between dynamic efficiency and sustainability.
2. Analyze diagrammatically the effect of price ceilings on the market for natural gas utilizing the concepts of scarcity rent and marginal user cost.
3. Discuss how OPEC colludes to gain market power and acts as a monopolist. Describe the conditions of a successful cartelization.
4. Analyze graphically the issues of climate change and national security from the perspective of an oil importing country such as the US. How would an embargo affect the welfare (net benefit) of this country? Is it necessarily efficient for this country to pursue self-sufficiency?
We’ve seen that monopolistically competitive firms will try to differentiate their products in order to eliminate substitutes. Are there comparable measures that can be taken in labor markets to decrease the number of “substitutes” for some types of ..
In 1990, the ratio of Japanese to US labor productivity in the steel and consumer electronics industries were estimated to approximately 1.4 and 1.12. What country has the comparative advantage in producing steel and what country has the comparative ..
Read the excerpt from Amy Tan’s essay “Mother Tongue.”I know this for a fact, because when I was growing up, my mother’s “limited” English limited my perception of her. I was ashamed of her English. I believed that her English reflected the quality o..
Consider a class of 25 Microeconomics students, some of whom are confused about a concept after a professor explains it. A student who reveals his confusion by asking a question loses 10 utile. However, when the professor clarifies the concept, each ..
Classify each of the following pricing strategies and explain. A local restaurant offers an "all you can eat" salad bar for $3.49. With any sand which, a customer can add the "all you can eat" sales bar for $1.49.
Suppose the cost function for your firm is: C = 10 +2Q + 5Q2. If the firm sells output in a perfectly competitive market and other firms in the industry sell output at a price of $35, What level of output should the firm produce to maximize profits o..
Kidding has uncovered evidence that seems to indicate that Rocket Man has been overbilling the government for a weapons system project. On the one hand he feels he has a duty to bring this wrongdoing to light. After all, he reasons, there is the grea..
when would it make sense for a factory that is losing money to remain in operation?additional requirementsaif the
Explain why income inequality has changed in recent history. In the United States, what are some of the reasons for a less equal distribution of income over the past two decades? How has this been reflected in society, particularly in light of the qu..
The PPT slides suggest that variation is closely related to the ideas of risk and uncertainty. Describe two examples from the PPT slides where highly variable data leads to uncertainty about outcomes and where risk-averse and risk-seeking individuals..
The long-run aggregate supply curve is influenced by the price level. The opportunity cost of holding real money balances is the: Economic variables that generally turn down after a recession begins and turn back up after the recovery starts are call..
A farmer sells cotton to a clothing company for $1,000 and the clothing company turns the cotton into T-shirts that it sells to a store for a total of $2,000. How much did GDP increase a result of these transactions? Category Amount:: Durable Goods $..
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