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Explain how smoking can simultaneously generate positive and negative externalities. Is there too much or too little smoking? Explain why smoking bans on bars and restaurants do not efficient solve an externality problem.
Use an indifference curve-budget line analysis to depict the situations, prior to the ban on smoking, of a student who smoked on campus, and of a student who did not smoke.
What is the profit-maximizing level of output of master cream (in bottles)? What is the profit-maximizing price? What is the maximum level of profit?
Compute the industry prices necessary to induce short-run quantities supplied by the firm of 5,000, 10,000, 15,000 tons of sweet peas. Assume that MC>AVC at every point along the firm's marginal cost curve and that total costs include a normal pro..
Compute the Average cost, Marginal cost, Average Variable Cost and the output level at which Average Variable Cost is at a minimum.
How was Malthus's view different from Keynes? How was the period during which he was writing affect this comparison? Does his feeling that the landed aristocracy should be promoted also affect this comparison?"
Calculate the extra output due to the water project and calculate the annual output of the village if the water project would be installed in $s
Indicate whether each of the following statements is true or false and explain why. a) A competitive firm that is incurring a loss should immediately cease operations.
The private marginal benefit for commodity X is given by 10 - X where X is the number of units consumed. The private marginal cost of producing X is constant at $5. For each unit of X produced, an external cost of $2 is imposed on members of socie..
What are some of the reasons for the largest immigrant trend in the US since the 1970s and although the public has always been divided over bilingual education, why is this truer today than ever before?
Find the probability that on a given Tuesday more than 30 students will be absent and compute the expected value of X
A refuse recycling operation is considering installing some additional magnetic sorting equipment which will protect the processing equipment from damage. Three alternative systems have been identified, each of which is estimated to save the compa..
A formal study of 3-branches of government and the way they effect intergovernmental relations necessarily focuses on executive, legislative, and judicial branches.
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