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“Pollution is causing $100 million worth of damage to the environment and we are only spending $1 million to reduce pollution. We are clearly not spending enough on fighting pollution.” Is this statement true? How can marginal analysis needed to answer this question? Explain.
Adam Smith: U(x,y) = xyJeremy Bentham: U(x,y) = xayb (Cobb-Douglas utility function)Alfred Marshall: U(x,y) = ln x + ln y John M. Keynes: U(x,y) = x + yb (Quasi-linear utility function) Joan Robinson: U(x,y) = aX + bY (linear; perfect substitut..
Economic growth rates vary greatly from country to country. Look at the experiences of the United States, Japan, Ethiopia, and China over the last twenty years. Find the average growth rate for each country over that period. What are some of the diff..
The gains from specialization and trade are based on comparative advantage, which reflects the relative opportunity cost. When countries specialize in producing goods and services for which they have comparative advantages, total production in the gl..
What does a nation’s unemployment rate indicate? Describe what type of unemployment you think each of the following illustrates:
Show how a buyer with monopsony power sets its output, indicating the correct intersection on a fully labeled diagram. Is it correct that “a monopsonist hires fewer people at higher pay than would prevail in a competitive market”? Explain your answer..
Notice on the spreadsheet, the amount of capital in the spreadsheet stays constant at 4 while the amount of labor varies from 0 to 30. Choose all that are correct. The constant amount of capital denotes that the spreadsheet represents short term prod..
The annual demand curve for the perfectly competitive milk market is P = 9 - 0.01 Q. This market is in long run equilibrium. The price of milk is $2.00 and each of the producers operate at minimum long run average cost (LAC). What is the dollar value..
The US government has been involved in the Persian Gulf regions, in Iraq and in Afghanistan, in order not to let the terrorist groups take over and control the oil supplies and the shipments of oil to the rest of the world.
Suppose there are two people in a society that has a 50% income tax. Both people have pretax incomes of $40,000. In period 1, there was no tax deduction; Lillian gave $6,000 to charity, and Susie gave $4,000 to charity. What is the amount Susie must ..
this leads to an increase in demand for apple sauce from 100 to 140 jars, what is the cross price elasticity of apple sauce and pork chops at a pork chop price of $6?
Explain and show graphically the effect on the supply and demand for Bonds in a deflationary period. What is the effect on interest rates and the quantity of bonds.
When on leave, workers receive 55% of their normal paya. Illustrate what are the likely responses on the demand (employer) side of the market.
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