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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.
Government involvement in general scientific research has been justified on the grounds that advances in knowledge are public goods- once produced, information can be shared at virtually no cost.
Examine the factors that determine the price of computers in a free market.
Assume Labor is the Variable Input. Capital and Land are the inputs which requires the longest time period before they can be adjusted. Explain the movement of the resources in both SHORT RUN and LONG RUN
Developing countries in the "Global South" turned to socialism in the past as a means to solve their economic problems.
Many retail companies use mark up pricing? Setting price some percentage above variable cost (such as 50% above cost).
Explain what happens to the primary deficit in year t if the nominal interest rate in year t increases to 17%.
Demonstrate how an increase in personal and federal income taxes ultimately affects Bank of Canada's balance sheet.
Compute the price elasticity of demand using the point formula for Px = 20 and Py = 10. Determine whether demand is elastic, inelastic, or unit elastic with respect to its own price and whether Good Y is a substitute or a complement with respect t..
Compute the industry prices necessary to induce short-run quantities supplied by the firm of 5,000, 10,000, 15,000 tons of sweet peas. Assume that MC>AVC at every point along the firm's marginal cost curve and that total costs include a normal pro..
Derive the average cost of producing 100,000, 200,000, 300,000, and 400,000 devices per year with plant A. (For outputs exceeding the capacity of a single plant, assume that more than one plant of this type is built.)
The consequences of decriminalizing illegal drugs have long been debated. Some claim that legalization will lower the price of these drugs and reduce related crime. Others claim that more people will use these drugs.
Which of the following changes to fiscal stimulus package of 2009 for $862 billion (under the bill called American Recovery and Reinvestment Act of 2009) would have a larger overall impact on AD? Explain your answer with credible logic and analysi..
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