Reference no: EM131110187 , Length:
- One of the problems in a competitive market environment is deadweight losses. Respond to the following prompts on this topic and support your answers with examples and references:
What are deadweight losses, and what are their causes?
What are the market effects of a deadweight loss?
What are the major factors that determine who will bear the burden of a tax or the incidence of a tax?
If the government uses taxation to deal with a situation, how would the various elasticities of supply and demand affect the deadweight loss of that tax? Explain using examples.
If the government proposes the use of cap and tax programs to deal with deadweight losses, how would they work? Explain using examples to illustrate your point.
What are the pros and cons of such a program? Assess them.
- Adam Smith, usually referred to as the father of economics, expounded the theory of free markets and opposed any form of concentration of economic power. He believed that any authority establishing a price that provided a fair price to the providers of the factors of production would distort the market's natural ability to determine prices and output levels. In general, he believed that competitive markets would allocate resources to their highest and best use. However, in recent times, we have seen the market mechanism fail and allocate too many or too few resources to the consumption or production of some goods and services.
What are some of the reasons for this failure?
Has government intervention into competitive markets changed the efficiency of these markets? Why or why not?
Was Smith correct or incorrect in his theories concerning the efficiency of the markets in allocation of resources? Support your answers with examples and references.
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How variables will be used as you design the algorithm
: how variables will be used as you design the algorithm.
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Write a direct and concise thesis statement
: Write a direct and concise thesis statement, which will become the point or perspective you will argue or prove in the Final Research Project. A thesis statement should be a single declarative sentence that makes one point in 25 words or less.
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Methods begin to provide reasonable estimates
: Reduce the size of the sunspots data set by taking only the first m observations as was done in Problem 3. At what value of m do the cross-validation methods begin to provide reasonable estimates? Why is this occurring?
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Who do you think the court would side with janet
: Does the store have to honor the advertising sale and let Janet purchase the dress at half price since she was customer number 25 on the day of the sale? With the half price advertisement for the first 30 customers, did the store create a contract..
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What are the market effects of a deadweight loss
: What are the market effects of a deadweight loss - what are the major factors that determine who will bear the burden of a tax or the incidence of a tax?
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Describe how to change the typeface for each
: Describe how to change the typeface for each of the following: text in an Alice dialog balloon or thought bubble, Alice 3D text, and text displayed by the Alice print instruction.: text in an Alice dialog balloon or thought bubble, Alice 3D text, ..
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The data set sunspots from andrews and herzberg
: Through trial and error, find a span that seems to work well with the sunspots data from Problem 2 using Cleveland's method. Then find the estimates using the spans determined by the two cross-validation methods. Describe the results (taking into ..
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What is argument luban offers for the hybrid war-law model
: "We will be the opportunity institution for every student we serve - essential to our community's success."Broadly - and incompletely - 'success' can be interpreted in two ways here. What might they be? Is there a notion of 'success' that our com..
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The graphical comparison between the estimates obtained
: Comment on the graphical comparison between the estimates obtained with the automatically selected spans in Problem 8 and the estimate obtained from Friedman's smoother using the cross-validation span in Problem 1.
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