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Suppose that in a perfetly competitive market, the demand curve is given by P=100-Q, the supply curve is given by P=Q, and that the social demand curve is given by P=80-Q.
1) In a single graph, represent the demand curve, as well as the supply and social demand curves. Solve for both the equilibrium and the efficient equilibrium.
2) Which type of externality does this represent? Give real life situations that fit this type of externality.
3) What could the government do to correct this externality?
Explain why the budget line can be called "objective" but an indifference curve is called "subjective." Explain why, if a consumer is to be in equilibrium, the marginal rate of substitution of good X for good Y must equal the negative ratio of the pr..
q1. assume you were appoint as an adviser to a developing country and you were versed in the theory of production the
Show how each of the following would impact the equilibrium price and quantity in the market of large SUVs in the short-run.
Five years ago, XYZ, Inc. installed production machinery at a cost of $25,000. At that time initial yearly costs were estimated at $1,250, in cr easing by $500 each year. The market value of this machinery each year would be 90% of the previous year’..
Suppose that the price elasticity of demand for potatoes is -.3 and that the price of potatoes were to drop by 10%. A. What will happen to the quantity of potatoes demanded?
For utility maximization, consumers will purchase different consumption bundles until their marginal utility per dollar are equal. So, when the marginal utility of beef is 10 at price of $5 per lb and the marginal utility of chicken is 8 at price of ..
The U.S. government bought 112,000 acres of land in southeastern Colorado in 1968 for $17,500,000. The cost of using this land today exclusively for the reintroduction of the black-tailed prairie dog is zero, because they already own the land. is zer..
Discuss possible hold-up problems, importance of long term contracts, and possibility of underinvestment in labor that might occur under such compensation schemes.
The day after a snowstorm, cars arrive at Mel’s Auto-Wash at an average rate of 10 per hour according to a Poisson process. The automated car washing process takes exactly 5 minutes from start to finish. What is the probability that an arriving car w..
To ensure that eligible tribal applicants have the opportunity to participate in the Public Assistance (PA) process, PA staff members should:
Supply of Loanable Funds, e.g., your disposable and expected future income. Discuss and predict how your decisions and transactions in the loanable funds market should change.
Please explain the significance of whether a contract must be in writing. This would include an explanation of the type of contracts that would fall inside and outside the Statute of Frauds.
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