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Question 1: Reasons for government intervention The imposition of congestion charges on motorists is a form of government intervention intothe issue of traffic congestion on busy public roads. With reference to economic theorycovered in this course, why do you think the government needs to intervene in this issue?
Question 2: Public policy solutions (a) Perform an economic analysis of congestion charges as a public policy instrument. (Inyour answer, consider: what sort of public policy instrument is a congestion charge?How does it work in economic terms?) (b) What other public policy instruments can the government employ to combat trafficcongestion on busy public roads, and how do these differ from congestion charges?
Question 3: Efficiency of public policy solutions (a) Based on your analysis in Question 2 (a) above, how should congestion charges be setin order for congestion problems to be corrected in a way that maximises the overallwelfare of society? Explain. (b) Do you think that the government will be successful in employing congestion charges tocorrect congestion problems and restore efficiency? Why or why not?
Question 4: Private solutionsHow can each of us as private individuals contribute to the reduction of traffic congestion inthe absence of government intervention? Are such private solutions likely to be effective?
Suppose you are given the following Total Product Function: ,where Q is total output or units produces; K, capital; L, labor; and M, materials.; that is, this is a input factor production function. Find the Marginal products of capital, labor, and ma..
Exchange rates can be impacted over the long run or short run. a. There are four forces that affect exchange rates over the long run. Name them. b. Exchange rates can fluctuate quite a lot in a short period of time (a day or two). Which factors help ..
Explain how many bushels of corn are purchased by consumers and at what price. How many bushels of corn are purchased by the government and at what price.
Robert’s New Way Vacuum Cleaner Company is a newly started small business that produces vacuum cleaners and belongs to a monopolistically competitive market. What are the profit-maximizing price and output levels? Explain them and calculate algebraic..
The president of the United States announces in press conferences in a press conference that he will fight the higher inflation rate with a new anti-inflation program. Predict what will happen to interest rates if the public believe him. Why should a..
Explain why would a chain such as Marriott tend to own its hotels in resort areas, such as national parks, where there is little repeat business, and franchise in downtown areas.
Illustrate what is the marketing concept recognizes that individuals pass through stages in the course of their lives in groups that are related to their age, period of mat¬uration, and environmental events.
In its rivalry with Westinghouse, General Electric instituted a "price protection" plan. This plan stated that if GE lowered its price, it would rebate the price difference to its past customers. Show that this plan makes collusion between GE and Wes..
What checks and balances are required for these three levels after Americas latest mortgage meltdown?
Aside from maximizing profits, assess the factors that managers must consider when making the decision to outsource or integrate forwards or backwards considering which factor would be most influential for decision-making.
The exit of farms from a market should:
Should the Miami plant be closed or continue to operate at a loss in the short run? How would you explain to the incorrect party that he is wrong?
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