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Please discuss the following: "In a competitive permit market, the initial allocation of permits is not important. With market power on the part of the polluter, the initial distribution matters." (120 words minimum)
You have learned that earnings functions are one of the most investigated relationships in economics. These typically relate the logarithm of earnings to a series of explanatory variables such as education, work experience, gender, race, etc. Why do ..
According to the quantity theory, money in the long run affects: According to the principle of monetary neutrality: When inflation turns out to be higher than expected, borrowers will be ________ off, and lenders will be ________ off. The quantity th..
Consider two maple syrup producers that engage in Cournot competition. Inverse demand for maple syrup is given by P(Q) = 16 − Q and the marginal cost of each producer is 4. If the producers do not collude, what is the Cournot equilibrium amount of sy..
Suppose that a vaccine is developed for a highly contagious strain of flu. The likelihood that anyone will get this flu decreases as more people receive the vaccine.
Out of fears that the money supply is too large, the Federal Reserve has decided to decrease the money supply. How could the Federal Reserve accomplish this?
When free trade increases market competition, what happens to the ability of a firm to set high prices? What about when trade restrictions are imposed?
Derive and plot Hugo"s Engel curve for donuts. Explain how much does his weekly budget have to rise for Hugo to buy one more donut per week.
On April 1, 2009, in the middle of a recession, the government of the province of Ontario, Canada increased the provincial minimum wage from $8.75 to $9.50. What will the likely effect of this policy be? Both the leftward shift in the labor demand cu..
Illustrating your answer from part 2, with a money supply and demand diagram, explain what happens in the money market when the Fed increases the money supply as it has since 2007? Note that this creates an excess of supply of money that the economy ..
Imagine a simple economy of Fredonia that uses gold as its currency (only gold, not gold backed paper). Suppose that Fredonia finds itself deeply in debt and that its creditors who all live in the country of Sylvania demand the repayment of debt in g..
Which of the following goods or services are non excludable? Justify your answer. a) police protection b) streaming music from satellite transmission programs c) roads d) primary education e) cell phone service.
What is market failure? If a market failure is present, does this imply that government intervention will lead to a more efficient allocation of resources? Why or why not?
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