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Suppose that the only way to reduce pollution from paper production is to reduce output. The government imposes a tax equal to the marginal harm from the pollution on the monopoly producer. Show that the tax may or may not raise welfare?
Price elasticity of demand is an important tool for managers in a selling environment in decision what to put on sale. Discuss how managers of over the counter health care products could use the concepts of elasticity to maximize profit.
Participate in a discussion with your classmates by describing the role international trade plays in your life. Review the “EYE on YOUR LIFE” caption titled “International Trade” on page 235 in the textbook. As a voter, describe your concerns regardi..
Fiscal policy, the money market, and aggregate demand Consider a hypothetical economy in which households spend $0.75 of each additional dollar they earn and save the remaining $0.25. The following graph shows the economy's initial aggregate demand c..
The demand and supply lines in a market are as follows: Give a graph and solve for equilibrium price and quantity. Now suppose a tax is imposed so that the price paid by the demander is $13 and the price received by the supplier is $7. Calculate the..
The case for the Federal Reserve independence includes the idea that
Consider Bertrand competition with homogeneous products. Two firms, 1 and 2, produce an identical product and compete by choosing price. Consumers buy from the firm with the lower price. If the prices are identical, however, assume all consumers buy ..
Suppose you are advising a small country such as Romania on whether to print its own or to use the money of its larger neighbor such as the European Union. What are the costs and the benefits of a national money? Does the relative political stability..
Water Works Plumbing Company is a small owner-managed plumbing services company that serves the greater Miami metropolitan area. Identify each of the following costs as either a variable, a fixed, or a quasi-fixed cost: Gasoline expense for the ser..
Evaluate if the company made any mistakes in its decisions over time, and recommend any changes or improvements for the future operations. Refer to the financial reports when making specific observations or recommendations.
Moral Hazard. There is a risk neutral principal and a risk averse agent. The agent exerts effort a that results in output x = a + , where ∼ N(0; 1). Find the first best level of effort. Calculate the profit of the principal. Solve for the second-best..
Think about how each scenario would affect the price of khaki pants. draw a demand supply graph and label the axes with the price and quantity of khaki pants. Next, for each scenario, draw the appropriate demand supply curve. Compare the new demand ..
The relationship between marginal revenue and elasticity is when demand is elastic marginal revenue is positive and when demand is inelastic marginal revenue is negative
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