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The theory of market failure prescribes government intervention in the form of a tax on producers when negative production externalities are present in a competitive output market. But the government failure paradigm suggests that the resultant tax may nevertheless be sub-optimal. With the aid of a diagram showing a negative production externality (i.e. where MSC > MPC (Supply) = MSB =MPB (Demand), show how government intervention in the form of a tax on producers can make the post-policy outcomes even worse than the pre-policy position and explain the underlying economic logic of this proposition.
part-11.theory of the firmaif in an efficient brewing industry firms operating at lowest possible average cost produce
The technology of a company making high end, solid gold bracelets in Soho (NYC) is explained through the production function;
Where Q is weekly production and P is price, measured in cents per unit. The firm"s cost function is given by C = 60Q + 25,000.Assume that the firm maximizes profits.
For which types of business organization is unlimited liability going to apply to - a sole proprietorship, a partnership or a corporation? Now explain out of those business organizations, for which one will unlimited liability be the greatest prob..
Assume that securitization combined with borrowing and irrational exuberance in Hyperville have driven up the value of existing financial securities at a geometric rate, specifically from $4 to $8 to $16 to $32 to $64 to $128 over a six-year time ..
Consider a firm which employs capital and labor as inputs and sells 5,000 units of output per year at the going market price of $10. As well suppose that total labor costs to the firm are $45,000 annually.
Jay's Silk Printing Co. is located in a small university town. The major portion of their business is custom printed sweatshirts for university bookstores. As a sideline, they also retail sweatshirts locally. The local demand for sweatshirts is: Q..
If Jane is currently willing to trade 4 movie tickets for 1 basketball ticket, then she must like basketball better than movies. True or false? Explain.
IT would place more of a burden on the producers in the short run as frictional unemployment would result, but it would also take a heavy burden off the consumers purchasing the rice. would the frictional unemployment cause the net welfare to decre..
Compute their TR, MR, ATC, MC and profit/loss schedules and find out the equilibrium price, equilibrium output, unit profit, and total profit at the equilibrium point for these ingenious entrepreneurs.
The utility that Meredith receives by consuming food F and clothing C is given by u(F,C) = FC Suppose that Meredith"s income in 1990 is $1200and that the prices of food and clothing are $1 per unit for each
Taxicab fares in most cities are regulated. Several years ago taxicab drivers in Boston obtained permission to raise their fares 10 percent, and they anticipated that revenues would increase by about 10 percent as a result.
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