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1. Four stores have a problem with theft and security is a public good. Let S stand for the number of person-hours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula MB = 200 - 2Q. Patrols cost $25 per hour.
a) What is the socially efficient level of security? b) If each store provided security independently, how much would each store provide? c) Draw a diagram to illustrate your answers. 2. A paper mill discharges gunk that causes damage of $200 to the fishermen's business. The pollution damage can be eliminated in one of two ways: the mill can install a filter at cost $300 or fishermen can install a water treatment plant at cost $100. a) Identify the efficient outcome. Assume the fishermen have property right to no Pollution (and the property right is protected by compensatory damages) b) Construct a game matrix to illustrate the interaction between the factory and the resident. c) Suppose first that it is prohibitively expensive for the mill and fishermen to negotiate. What will the outcomes? d) Suppose instead that the mill and fishermen can bargain costlessly. What will the outcomes be? Note: Apply the Nash bargaining solution where any gain from a bargaining is shared evenly between parties.
A. Define each of the following: 1 Gross Domestic Product at Market Prices. 2 Gross National Product at Market Prices. 3 Gross National Product at Factor Cost. 4 National Income. B. Explain the relationship between Gross National Product at Market ..
Describe how free market features could be introduced to help alleviate the problem
After a certain point, the more hours you spend studying economics per day, the less you will learn with each added hour
The list price of an orange dial Luminox watch is $650. Katz Jewelers receives a trade discount of 30%. Find the trade discount amount and the net price.
Write down some of the characteristics of perfect competition. Which kinds of industries come closest to perfect competition in the real world?
Assume that the The World Steel industry wants to expand and that its only option is a merger. Now the industry is confronted with government regulations to oversee the merger. Analyze how the different forces will come together to create a converg..
What objectives do unions serve? Are there other, more economically efficient, methods to achieve these objectives? What might those methods be?
Make a table showing the marginal cost of paper cup productions. What is the minimum price necessary for company to supply one thousand cups?
the oil price schok of 1980 sent gasoline prices sharply higher. Coal prices moved in sympathy with oil prices, with the result, that coal companiesearned pure economic profits. Since coal is homogenous good and the market is competitive , what ha..
The economy begins in long-run equilibrium. Then one day, the president appoints a new chairman of the Federal Reserve. This new chairman is well-known for his view that inflation is not a major problem for an economy.
The demand for personal computers can be characterized by following point elasticity = -5, cross-price elasticity with software = -4, and income elasticity = 2.5. Indicate whether each of following statements is true or false, and describe your an..
If the two are not independent, a shift in the demand curve can lead to a shift in the supply curve referred to as? a)supply-side economics b)physician-induced demand
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