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1. Suppose we are looking at a supply and demand defined market for a hypothetical good called widgets. We observe that, because of falling consumer incomes, the demand for widgets increases. We also observe that, because of a reduction in the price of a resource used to make widgets the supply of widgets increase. a. Using a graphical depiction of a supply and demand model show the movement from one equilibrium to another equilibrium. b. Describe the changes in price and quantity moving from one equilibrium to another. Be sure to identify what increases, what decreases, or what may do either. 2. There are 4 types of externalities considered by economists. Positive consumption externalities, negative consumption externalities, positive production externalities, and negative production externalities. a. Construct an example of a positive production externality with evidence that it is from the real world. Evidence would include a URL or other such citation. Depict the relevant market in a supply and demand model. Show exactly what the market outcome is relative to the market outcome. Identify a policy that a government could reasonably enact to solve this instance of market failure. Show the effects of the policy in a second supply and demand graph. b. Construct an example of a negative consumption externality with evidence that it is from the real world. Evidence would include a URL or other such citation. Depict the relevant market in a supply and demand model. Show exactly what the market outcome is relative to the market outcome. Identify a policy that a government could reasonably enact to solve this instance of market failure. Show the effects of the policy in a second supply and demand graph. 3. This question relates to google, the favorite search engine of many. a. Does Google have market power? Fully explain. b. Has Google been accused of exploiting its market power? Please document at least one way in which a credible claim has been made against Google for behaving in an anti-competitive way in its market environment. I would prefer that you find two, but one would be plenty.
ZZZ, Inc. operates in a monopolistically competitive industry. Its demand curve can be written as P = 160 - Q and its short run total cost curve is equal to TC = 1000 + Q^2. What is the rate of output that maximizes ZZZ, Inc.'s short run profits
President Bush’s approach to economics was very similar to that of President Reagan’s. explain the assumptions behind the theory of supply-side economics.
Give at least two examples of a perfectly competitive market and explain what characteristics led you to that decision. Second, give at least two examples of a monopoly market and explain what characteristics led you to that decision.
When measuring costs, it is important to keep in mind of one of the Ten Principles of Economics: The cost of something is what you give up to get it.
How much would Wyandotte have to reduce the price of polyol to achieve a 15 percent increase in the quantity sold? Evaluate the impact of such a price cut on(i) total revenue, (ii)total costs, and (iii)total profits.
Catfish farming in Louisiana is a perfect competition market. Hence, customers of catfish are getting their catfish at the minimum cost per unit of manufacturing catfish, and they are very happy.
improve life style decsisions by reducing smoking, alcohol consumption, and drug use, imporve overall educational attainment so people can better follow the advice from the medical community.
Select one principle and create an additional example that will help students understand that principle better. Based on the five economic principles discussed, give your opinion on the one which is the most important and useful concept in your lif..
However, the offer was contingent upon the Wallace board eliminating the poison pill. Wallace consulted with its investment banker, which advised the company that the offer was inadequate but did not inadequate. Both the board and its banker belie..
Curly's Life Insurance Co. is trying to sell you an investment policy that will pay you and your heirs $33,000 per year forever.
In what ways does economics class relates to the real world? How does knowledge gained from economics teaching been valuable in helping somone understand or evaluate events or policies?
What are governments fiscal policy options for moving the economy out of a recession Speculate on which of these fiscal options might be favored by a person who wants to preserve the size of government and a person who thinks the public sector is ..
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