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The private marginal benefit associated with a product’s consumption is PMB = 360 – 4Q and the private marginal cost associated with its production is PMC = 6Q. Furthermore, the marginal external damage associated with this good’s production is MD = 2Q. a. How many more units of this product will the free market produce than is socially optimal? b. What is the deadweight loss associated with the externality? c. To correct the externality, the government decides to impose a tax of T per unit sold. What tax T should it set to achieve the social optimum?
Describe ethical considerations with regard to marketing to children. When the marketers' pitch includes a cause component, such as a breakfast cereal that promises to provide breakfasts to undernourished school children, explain whether this is e..
Identify economic forecasts for real GDP, the unemployment rate, the inflation rate, and a key interest rate. What do your forecasts imply about the relative strength of the economy over the next two years.
Select a country and research whether trade and immigration has worsen wage inequality. What are some possible solutions to reduce the amount of wage inequality?
Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.)
China's entry into the World Trade Organization (WTO) in 2001 created more competition between local and foreign firms, and also provided China greater access to the market for exports. What impact do you think the import quota reduction likely had o..
A country with a comparative advantage in the production of a good will------------ production of the good and-------------
Suppose that Italy and Sweden both produce jeans and stained glass. Italy's opportunity cost of producing a pane of stained glass is 4 pairs of jeans while Sweden's opportunity cost of producing a pane of stained glass is 10 pairs of jeans.
What would be the resulting effect on equilibrium price level - explain. What will be the effect of the different tools of fiscal policy to stabilize the economy?
A phone manufacturer wants to compete in the touch screen phone market. He understands that the lead product has a battery life of just 6 hours. The manufacturer claims that while the new touch phone is more expensive, its battery life is more than t..
Illustrate what is the average value of a loyal customer (VLC) in a target market segment if the average purchase price is $50 per visit, the frequency of repurchase is 12 times per year.
Consider the two-period consumption model of borrowing and saving. Suppose Claire has an income of m1 today and m2 a year from now and can borrow and lend at the interest rate r. She chooses consumption levels c1 and c2 given her well-behaved prefere..
Draw an indifference map for a typical person’s preferences over five-dollar bills and tendollar bills using the vertical axis for five-dollar bills and the horizontal axis for ten-dollar bills. What is the marginal rate of substitution (MRS)?
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