Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need some help with these questions please! 1. Ask a family member or friend from an older generation about a change in the price

I need some help with these questions please!

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
1. Ask a family member or friend from an older generation about a change in the price of a particular good or service that made a signicant impact on their life. Ask about what was happening at the time and figure out what could explain Why the price changed (change in supply or change in demand). You can conduct this interview face-to-i'ace M with someone in your immediate household; for others conduct it by email, phone, or virtual means (Skype, Face Time, etc.). We must observe social distancing practices and keep sgte.' Explain the price change verbally and illustrate it gaphicaily using a supply-and-demancl graph. (8) unrealthy for sea life and reduces the utility humans get from oceans. Suppose each DOX Of plastic straws causes $4 of harm to people outside the plastic straw market. S D Q Plastic straws (boxes) 5000 10,000 15,000 20,000 a. State below and show on the graph above how the market equilibrium price and quantity of plastic straws compares to the efficient price and quantity. (6) b. What government policy could (in theory) make this market efficient? Be exact. 3. The news article on \"The Power of Nature\" explains that trees help prevent water pollution and reduce air pollution, especially in urban areas. The graph below shows the market for trees. P S $ 75 $ 50 $ 25 D Q trees + + 1 t t 1000 2000 3000 4000 5000 Suppose each tree's water and air cleaning action benets city dwellers by $15, including people who did not buy any trees. a. Explain below and show on the graph how exactly the market for trees fails. {6) b. Oer a policy that the government could undertake in order to improve resource allocation in the tree market. (2) EXTRA CREDIT: What is the economic reasoning for the provision in the Affordable Care Act (Obamacare) that forbids insurance companies from denying healthcare coverage to individuals with pre-existing health conditions, such as diabetes and epilepsy? (1)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles of economics

Authors: N. Gregory Mankiw

6th Edition

978-0538453059, 9781435462120, 538453052, 1435462122, 978-0538453042

More Books

Students also viewed these Economics questions

Question

=+ How does this differ from the Solow model?

Answered: 1 week ago