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Suppose Merck is developing new drugs that have positive externalities; the positive externality is a pharmaceutical technology we all benefit from. Let the supply curve for Merck’s production be P =Q/4, where Q is the number of units of drugs they’ve developed. For each unit, the value of the positive externality is $2.
Assume market demand for these drugs can be written as Q=14-2P.
a. What is Qp in this market?
b. What is the socially optimal level of drugs bought and sold?
c. What is the deadweight loss in the free market resulting from the externality?
d. What would be the level of the Pigovian subsidy that would eliminate the deadweight losses due to the externality?
Give a brief summary of economic costs. In the short-run, why might a firm still operate even when there is a loss.
a polling company obtains an alphabetical list of names of voters in a precinct. they select every 20th person from the
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Sixteen states sue the major tobacco companies for billions of dollars because of tobacco-related costs in their Medicaid programs. Medical evidence that more than two cups of coffee a day (Considered by many to be a substitute for smoking) greatl..
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The GDP deflator equals to
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If a competitive firm is currently producing a level of output at which profit is not maximized, then it must be true that marginal revenue exceeds marginal cost.
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you have been hired to manage a small manufacturing facility which has cost and production data given in the table
When the Fed sells government securities, it: Increases the amount of excess reserves that banks hold, discouraging them from making loans to the general public.
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