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1) Suppose that at market equilibrium, the marginal private cost is $39 and the marginal social cost is $48. What is the value of the external cost to society?
2) Suppose that at market equilibrium, the marginal private benefit is $30 and consumption generates an external benefit to society valued at $15. What is the value of the marginal social benefit? Do not include the $ in your answer.
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(A) Identify the FOUR (4) assumptions underlying the Production Possibilities Curve. Ireland is known for the production of Houses and Agricultural products. The following is a production possibility schedule for Ireland. Combinations Houses Agricultural Products A 0 150 B 10 145 C 20 130 D 30 100 E 40
Market Structure Number of Firms Type of Product Sold Price Taker? Price Formula Freedom of Entry? Short-run Profit? Long-run Profit? Industry Examples Perfect Competition Choose an item. Choose an item. Choose an item. Choose an item. Choose an item. Choose an item. Choose an item. [Insert two to three example
What are the factors of production? Why does the study of economics exist? What is the opportunity cost of a certain product or choice? What is the difference between Macroeconomics and Microeconomics What are the incomes/rewards received by the four factors of production? What are the three fundamental economic questions?
1) The legislative branch makes laws, the executive branch carries them out, and the judicial interprets them, in the intended model of the US government. true or false 2)The Founding Fathers took their view of separation of powers from a dude named Madison Montesquieu Marshall Montplier 3)The president
a. Calculate the price elasticity of demand when price is increased from $25 to $30 b. What type of elasticity does this good face?
Using the formulas for profit, marginal revenue, and marginal cost, fill in the table below: Q TR TC Profit MR MC 0 0 20 1 30 40 2 60 56 3 90 76 4 120 100
Given what you’ve learned about normative and positive statements, which of the following is a normative statement? a.) The price of eggs is too high. b.) nflation has been under 10% for the past 10 years. c.)The average temperature in New York City in April
Consider the Production Possibilities Frontier (PPF) above which shows two possible outputs of a hypothetical economy — cars on the vertical axis (output 2) and laptops along the horizontal axis (output 1). Answer these two questions (a few sentences each): #1) Can society currently produce at any point from
The absolute value of the slope of the budget constraint is equal to Part 2 A. quantity of the good on the vertical axis divided by the quantity of the good on the horizontal axis. B. the price of good on the horizontal axis divided by the price
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1- Discuss differences between market and command economy, and provide real-life examples of countries with market and command economy. 2- How does each system answer the three essential economic questions: What gets produced? How are goods produced? and For Whom are goods produced? 3- What are some of the cons
A monopoly is a firm that is a sole seller in a market. Monopolies can decide to set different prices for different consumers through price discrimination. In monopolistic competition, there are many firms that sell products that are similar but not identical. First, play the simulation game Price Discrimination in
A variable input is one that __________. a.) is contracted for, like rent or a lease on a building b.) will not change over the course of production c.) can be easily increased or decreased in the short run d.) cannot be easily
Identify one inelastic and one elastic goods/services that you have recently purchased or not, and relate your examples to the characteristics of the price elasticity of demand. Analyze the challenges a store would be facing to raise the price of an elastic and inelastic good.
The green triangle is __________ and the red triangle is __________. consumer surplus; deadweight loss. producer surplus; deadweight loss. producer surplus; consumer surplus. consumer surplus; producer surplus.
(1) The relationship between the total utility and the marginal utility. Total utlity is the total satisfaction that a person receives from consuming or using certain goods and services. Marginal utillity is the additional satisfaction that a person receives from consuming one additional unit of a certain good or services.
The graph below depicts a government intervention setting at a price ceiling of $1,500 per month for a rental apartment. What is the value for the deadweight loss in this market? – $2,500 million – $1,250 million – $1,725 million – $2,250 million
Give an example of an industry with monopolistic competition. (Remember that this is an industry structure, and not a specific business within that industry.) Explain the benefits or detractions of this type of competition. In great detail respond to the following. Your initial post should be substantive and be supported
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