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Consider two firms: a yoga studio and a bar. The bar produces noise which reduces the price that the yoga studio can charge from its customers.
(a) Assume that the bar can sell an unlimited amount of drinks at the market price p and its marginal cost increase in the quantity of drinks. Assume further that the marginal damage to the yoga studio is a constant amount x per drink. Draw the demand curve of the bar, the marginal cost per drink, the marginal external cost, and the marginal social cost. Indicate in the graphic the quantity of drinks in the competitive market equilibrium and the welfare-maximizing quantity of drinks.
(b) Explain why the welfare-maximizing quantity of drinks is welfare-maximizing.
Malthusians and Neo-Malthusians believe that, eventually, the population of the earth will be exceeding the number of people able to be sustained by the earth's food production. As such, they advocated different forms of population control. However, ..
In your opinion, does the Houston Medical Center, in which many hospitals gather, represent an example of perfect competition.
What three factors determine whether two economies with separate fiscal and monetary authorities should form a currency union.
The Einstein Bagel Corp. has used a frequent buyer program whereby a consumer receives a stamp each time she purchases one dozen bagels for $6. After a consumer accrues 10 stamps, she receives one dozen bagels free. If the opportunity set has any kin..
Some customers may have Costco membership cards. How do you think their elasticity of demand for renting cars (for a week) would compare to that of non-Costco members? Depending on your response, would it then be worthwhile to offer discounts on the ..
How elastic/inelastic is the demand for Netflix services at the time of the price change? Do you think that their plan to increase prices was a good idea? How has Netflix fared since this decision to increase prices?
Each year since winning control of the House of Representatives in the 2010 election, Tea Party Republicans have argued that we need to immediately initiate sharp reductions in government spending and entitlement programs and rapidly move towards a b..
Chris consumes only 2 goods, Suppose his utility function is U(X1,X2)=X1 1/3,X2 2/3, Suppose P1 =$2,P2= $8 and income(I)=$600 I want to know how to do the problem, so I need to see all the steps it takes to arrive at the correct answers for a,b and c..
Illustrate what would happens to the equilibrium price and quantity. The widget firm in Springfield is competitive,with numerous buyers and sellers.
Suppose a firm's Total Cost Function is: Identify: Fixed Cost, Variable Cost, Marginal Cost, Average Fixed Cost
1. In the market for a particular good, at a price of $26, the quantity demanded is 300 and the quantity supplied is 450. Which of the following is true?
Elucidate how much consumer surplus would be created by randomly assigning buyer to sellers. Which method gives the larger surplus.
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