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Welfare Economics: main economic goals of a political-economic system are to promote efficiency (static and dynamic), equity, and macroeconomic stability.
a. Under what conditions will a free market meet these goals?
b. Identify a violation of these conditions that will lead an inefficient free market outcome. Prove your answer.
c. Do you think that conservative and liberal social philosophers agree on this list of goals?
Assume that average income in the world and the cost of catching fish are both equal to their initial values. Drag the vertical green line back and forth to show the equilibrium quantity of fish caught under these conditions.
Consider a consumer that only purchases two goods to maximize his/her satisfaction. He/she originally maximized his/her satisfaction, and suddenly his/her income decreased. Assume that good 1 is inferior and good 2 is normal. What are the implication..
What information would a government needs to increase the probability that its industrial policy would promote long-term self-generated economic growth.
Suppose the one-year interest rate on Swiss France is 10% and the US Dollar interest rate is 12% and the current $/SF spot rate is 0.8. What do you expect the 12-month forward rate by using the interest rate parity? Suppose the actual 12-month forwar..
Explain why each of following is or is not a valid probability distribution for a discrete random variable x: See p.183-84. 4.16 Toss three faircoins and let x equal number of heads observed.
An example of a leakage in the circular flow model is. An example of an injection in the circular flow model is. Unemployment that is a result of a wage above the equilibrium wage rate is
Martha has the utility function U(x, y) = min {4x,2y}. Write down her demand for x and y as functions of the variables m, px, and py, where m is income, px is the price of x, and py is the price of y.
A stamping machine is classified as seven-year MACRS property. The cost basis for the machine is $120,000, and the expected salvage value is $10,000 at the end of 12 years. Compute the book value at the end of three years for tax purposes.
What are the advantages of buying a business rather than starting one from scratch? What are the advantages and disadvantages of owning a franchise?
Explain why the cost structure associated with many kinds of information goods and services might imply a market supplied by a small number of large firms. (At the same time, one internet business such as grocery home deliveries have continually suff..
Assume that a 1- year discount bond (bond A) with a face value of $1,000 is currently trading at PV = $938.97, and another 2-year discount bond (bond B) with identical risk features and face value is currently trading at $834.01. Please calculate the..
Why may the effective patent life of a drug be shorter than the legal life. Explain why may the effective patent life of a drug be longer than the legal life.
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