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The Power to Say No
There is no Constitutional requirement that individual states must accept monies offered by the federal government to support needs affecting their citizens. However, given the challenging budgetary and fiscal realities that most states face today, the acceptance of federal aid is something that is a given, and is rarely turned away. Do you believe that states have a responsibility to turn away federal funding when conditions attached are fundamentally at odds with the beliefs of a majority of members of a given state legislature? Should states increase taxes and increase user fees (among other revenue generators) to compensate for funds declined from Washington? Do states fundamentally lose integrity when they accept money for projects, programs, and processes with conditions attached with which they fundamentally disagree?
Between your answers to parts b and c, which prices/capacity are best applied from a social welfare perspective? Why?
Discuss actions the government could take to induce firms in this industry to produce the socially efficient level of output.
Suppose a production function is given by f(K;L) = KL 2 What combination of labour and capital minimizes the cost of producing any given output?
Examination of the company for which you are currently working (or a company with which you are familiar). Answer the following questions regarding this company.
Using the tools of analysis developed in this course, demonstrate that removing the subsidy will make consumers worse off but will nevertheless improve society economic welfare.
Imagine that the firm must choose one of three quality levels: z = 1; z=2; and z = 3. Which quality choice will maximize the firm's profit?
Physical capital, Natural resources, Human Capital and Technical Knowledge, should it be Government policy to subsidize the production or acquisition of all or these?
According to the neo-classical economic theory, the market is a natural, self-regulating system that tends automatically towards the full employment equilibrium of supply and demand.
Optimal consumption. The following Table describes the demand for tickets to the opera, during the two=-week season.
In which of the following circumstances is expansionary fiscal policy more likely to lead to a short-run increase in investment? Explain?
Compute the income elasticity of demand for product below, by using average values for quantities and incomes.
hat is your expected utility without insurance? Suppose you can buy insurance that will cover the medical expenses but not the foregone part of your salary. How much is an actuarially fair policy, and what is your expected utility if you buy it?
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