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The most common technology used for dry cleaning clothing uses toxic substances that, if disposed of in drains, will contaminate the water supply and cause brain damage in some people. The cost to society of these health effects has been estimated to be about 35 cents per item of clothing cleaned this way. A clean technique has been invented, that adds 22 cents to the average cost of production. It has only been adopted by 2 firms. Assume that this is a competitive market. a. Describe the externality in this situation. b. What would be the most efficient technology to use (from the economic perspective)? c. Explain why this market will NOT be allocatively efficient (why it will not produce the output with the most surplus). d. Draw a graph showing the externality and the loss in the market. e. Describe a policy that could be used in an attempt to internalize the externality. f. Describe a second policy that might also be used and briefly compare the pros and cons of each policy
Suppose that you are on the board of directors of a firm which is the dominant firm in the industry. That is, it lets all of the other firms, which are much smaller, sell all they want at the existing market price. In other words the smaller firms..
increase aggregate demand by cutting government spending or raising taxes. decrease aggregate demand by cutting government spending or raising taxes.
Discuss the various ways governments can handle externalities, such as noise from a local airport or a barking dog or building of commercial office space or an industrial building in a residential area?
According to scientific nutritional studies in most nations, income of $1 a day does not provide sufficient food, shelter and clothing to live. Under these situations the medical risk of death is high.
Lawn mowing services are supplied by host of individuals in suburb of Westbrook. Demand and supply conditions in the perfectly competitive domestic for lawn mowing services are:
Most macroeconomists believe it is a good thing that taxes act as automatic stabilizers and lower the size of the multiplier. However, a smaller multiplier means that the change in government purchases of goods and services, government transfers
If we are able to increase our domestic energy production, and that allows us to import less oil from foreign countries, briefly explain what will happen to the GDP.
Charge of development for your housing nonprofit and assuming that your non-profit is risk-neutral, which grant should you apply for
Compare and contrast each market structure. Make sure to discuss the differences in the productive and allocative efficiency when comparing and contrasting.
1. Why is there such a difference in Asia's share of global real GDP, depending on whether the computation uses purchasing power parties or exchange rates 2. Why is Asia's "economic size" so much smaller on a per capita basis than on an a..
Write your paper in the style of an academic journal article. The in-class readings, as well as articles published in The Rand Journal,
Although "inflation is always and everywhere a monetary phenomenon," explain why: a. the start of a hyperinflation is typically related to the fiscal policy situation, and b. the end of a hyperinflation is usually related to changes in fiscal poli..
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