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Use diagram to discuss and explain market and how social optimality can be restored in a market where the market failure exist to ensure optimality.
The most prominent benefit offered by many firms is health insurance. Suppose that in 2000, workers at one steel plant were paid $30 per hour and in addition received health benefits at the rate of $6 per hour.
Suppose it costs $30 for each lobster trap set. Lobsters sell for $15. If X traps are set, the harvest rate of lobsters, L, as a function of the number of traps, is given by: L = 45 X –X2. Suppose lobstermen could limit the number of traps permitted.
Malaysia experienced sugar shortages a few years back. Goverment wanted to provide relief to the public through price control. What are the economics implications of such a move? (Use the concept of equilibrium price)
1 good reason why quantity demanded increases when its price falls is that the: a. lower price shifts the supply curve to the left b. lower price shifts the demand curve to the left c. lower price shifts the demand curve to the right d. lower price e..
suppose the demand for a product is given by p 40 4q. also the supply is given by p 10 q.what is the price
If growth in labor supply is a source of economic growth, then we should just open our borders and let everyone immigrate to the U.S. Agree or disagree? When it comes to labor what matters for economic growth?
Assume also that South Africa is a net importer of maize and imports maize mostly from the US. The FOB at US Gulf port is US$350 per tonne (1 tonne =1000 kg). Assume freight, insurance and unloading (FIU) cost at Durban is 150 Rands per tonne.
Describe what happens to investment, private savings, public savings, and national savings. Compare the size of the changes in the latter to the $20billion of extra government savings.
Consider a monopoly firm with the demand and cost curves below. Suppose that the firm is operating in the short run with the plant designed to produce 400 units of output optimally. What will be the price? How much profit is made? What output should ..
Describe why the labor theory of value of the classical economists supports the conflictual view of the market economy. Use examples.
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..
Do corporations have responsibility in the financial meltdown and its aftermath of recession – the most serious since the Great Depression of 1930s? Free-market capitalism dictates that markets create efficient solutions and businesses that fail shou..
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