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Q. Briefly explicate what means by "The market is a commons." In your brief essay, create sure you cover each of following points:
a. Elucidate what is the meaning of "the tragedy of the commons?"
b. Explain why are anarchy and private enterprise fundamentally incompatible (or not)?
c. Explain why is product differentiation particularly troubling when attempting to claim that unregulated competition is inherently efficient?
d. Explain why does the profit motive does not automatically avoid air pollution in the production of steel and other products?
e. Explain why did republicans flip-flopped on a cap-and-trade system to mitigate pollution.
Describe the changes in the model parameter(s) and resulting changes if any in the hiring decisions of the three types of firms.
If the bank compounds interest yearly, explain how much will you have in your account on January 1, 2015
Analyze the impact of this floor on price, quantity demanded and supplied. Would this price floor create a surplus or deficit of this product in the market?
Suppose that the market for wheat is characterized by the following demand and supply relationships.
The largest loan that the bank can make on the basis of the new deposit. If the bank chooses to hold reserves of $3,000 on the new deposit, what are the excess reserves on the deposit.
In economic terms, when the wage rate increases we sometimes see the number of hours worked by individuals decrease now.
A county is considering using a piece of park land for one of two alternative recreation projects.
The production process requires labor and capital as inputs. Labor costs $6 per labor hour and capital costs $12 per machine hour.
General Cereals is using a regression model to estimate the demand as well as for Twee tie Sweeties, a whistle-shaped, sugar coated breakfast cereal for children.
Compare social welfare under the bribe with social welfare in the case where the police officer always abides by the law.
Calculate gross national product and net national product
Statistical analysis indicates that a=0.8 and b=0.3. The firm's owner claims the plant has increasing returns to scale.
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