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- Subway rides during rush hour S D The subway system in your city is approximately in equilibrium. Given current schedules, riders don't wait long for a train. Platforms are busy but not overcrowded. In other words, rush-hour fares are such that the quantity of rides supplied is about equal to the quantity demanded. The directors of the system now come up with an idea to get more people out of their cars and into the trains. Each time a rider buys a ride, 50 cents will be automatically deposited into the rider's bank account. The funding for this subsidy is to come from diverting a portion of gasoline taxes now paid by motorists. If this scheme works to increase ridership, the system is ready to provide more rides and to adjust fares as needed to keep the system in approximate equilibrium. When the plan goes into effect, what is likely to happen in the diagram above? Select one: a. D will decrease as potential riders realize that driving has become more attractive. O b. P will fall,…Subway rides during rush hour The subway system in your city is approximately in equilibrium. Given current schedules, riders don't wait long for a train. Platforms are busy but not overcrowded. In other words, rush-hour fares are such that the quantity of rides supplied is about equal to the quantity demanded. The directors of the system now come up with an idea to get more people out of their cars and into the trains. Each time a rider buys a ride, 50 cents will be automatically deposited into the rider's bank account. The funding for this subsidy is to come from diverting a portion of gasoline taxes now paid by motorists. If this scheme works to increase ridership, the system is ready to provide more rides and to adjust fares as needed to keep the system in approximate equilibrium. When the plan goes into effect, what is likely to happen in the diagram above? Select one: O a. D will increase, resulting in more rides at a higher fare. O b. S will increase, resulting in more rides at…Polio is a disease caused by a contagious virus that can result in paralysis. A vaccine prevents the disease and also its contagion. The government decides to subsidize the application of this vaccine by offering it for free. a. Explain how this subsidy will impact the amount of vaccines applied compared to the free market outcome with no subsidy, i.e. where people would need to pay for their own vaccine. b. Why is this subsidy different from a subsidy the government may grant on a good that generates no externalities like food? (hint: deadweight loss is not the same).
- Imagine that a town of 200 people is trying to decide whether to pay for mosquito control. The town has surveyed their citizens and they each say they value mosquito control at $75. Mosquito control only costs $2,500 so the town goes ahead and pays for the service. When the town asks for donations to pay for the mosquito control, they only receive $1,000. What does this result show? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a The town's citizens were free riders. b The mosquito control suffered from the tragedy of commons. The mosquito control cost must have been greater than its economic benefit. d. The town's survey must have overestimated the value of mosquito control.For each of the cases below, describe the type of entry barrier that appears to be most relevant. Which of the following describes the type of entry barrier faced for a patented blood pressure medication? OA. There is a natural entry barrier for a patented blood pressure medication because entry into the market has been limited through government action. B. There is a created entry barrier for a patented blood pressure medication because entry into the market has been limited through limited access to key natural resources. c. There is a created entry barrier for a patented blood pressure medication because entry into the market has been limited through government action. There is a natural entry barrier for a patented blood pressure medication because entry into the market has been limited through price cutting Which of the following describes the type of entry barrier faced for legal services? A. There is a created entry barrier for legal services because entry into the market has…For each of the cases below, describe the type of entry barrier that appears to be most relevant. Which of the following describes the type of entry barrier faced for a patented blood pressure medication? OA. There is a natural entry barrier for a patented blood pressure medication because entry into the market has been limited through government action. B. There is a created entry barrier for a patented blood pressure medication because entry into the market has been limited through limited access to key natural resources. c. There is a created entry barrier for a patented blood pressure medication because entry into the market has been limited through government action. OD. There is a natural entry barrier for a patented blood pressure medication because entry into the market has been limited through price cutting. Which of the following describes the type of entry barrier faced for legal services? A. There is a created entry barrier for legal services because entry into the market…
- To what extent should the government interven in the market? Write a long 500 word answer.What are the effects of government intervention in the market?The chart above shows the market for polio vaccine in Pakistan. This vaccine provides external benefits because vaccinating one person reduces the likelihood of other people catching the disease. a.) If there is a competitive market and there is no government intervention, what will be the amount of vaccine? b. ) If a foundation takes over the cost of the vaccine, what will be the amount of vaccine used in the market? How will the market efficiency change? Why?
- How is the increase in post-secondary education (e.g. positive externality) going to effect consumer behavior in the future?Adam Smith’s theory of the invisible hand is often used to justify a hands-off approach to market activity. Can you give an example where government intervention in a market led to an inefficient outcome? How about an example where government intervention improved the outcome?What public policy approach would be most reasonable to protect consumers from harmful products? How might market and economic forces play a role in protecting consumers?