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Question: Consider the global market for crude oil Suppose ther exists a single crude oil producer. This producer has a supply function for crude oil given by: P=0.25Q.
World demand for crude oil is given by: P=150-0.5Q.
Suppose a global govenment imposes a price ceiling on the market requiring the price for oil to be less than $70/barrel.
If the crude oil producer acts as price-taking firm, what is the firm's change in producer surplus as a result of the price ceiling (relative to no policy)?
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
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Problem based on Oligopoly and demand curve, Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
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"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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