explain the concept of pareto efficiency and discuss it's relevance to public policy

Ken runs a barber shop. Given the popularity and location of the restaurant, he has a monopoly position in the market. The inverse market demand curve is given by Q = 120 – 2P. Ken has a total cost of TC = Q². If he charges the same price to all customers, what are Ken’s profit-maximising price P^M and quantity Q^M?

example of reverse offshoring

1. To create a supply curve, you would plot the ___ of a product that sellers are willing to part with at a specific office, regardless of the demand.

2. In a(n) ____ market, the number of sellers is low, controlling much of the market, and are able to have some control over their price structure. In a(n) ___ market, there are many sellers with products that differ slightly but have similar purposes.

3. Classify which of these factors are included by the United States government when calculating the GDP (gross domestic product).

Part of GDP and not part of GDP
-Products that are part of a final product
- Good and services produced in the U.S. by U.S. companies
-goods and services produced inside the U.S. by non-U.S. companies
-goods provided to be sold to final users

4.Which of these are characteristics of full employment? Select all the correct answers.
-everyone has a full time job
-100% of those seeking work are employed
-95% of those seeking work are employed

5. Statistics that are used to understand the economy for the past few months are ____, while those used to understand where the economy is headed in the upcoming few months to a year are _______.
-the price stability index
-leading economic indicators
-consumer confidence indicators
-lagging economic indicators

6. If the difference between what the government takes in through taxes is higher than what it spends on goods and services, it has a _____.
-monetary policy
-fiscal policy
-budget surplus
-budget deficit

7. The ___ results from a government's consistent taking in less money from taxes than it spends on goods and services.
-GNP
-national debt
-CPI
-fiscal policy

8. If the Federal Reserve uses a contractionary policy, it is concerned about ______. In this instance, it would make it _______ to borrow money and would increase interest rates.

1. John and Paul are stranded on a deserted island where they survive by catching fish and picking coconuts. One day John can catch 8 fish OR pick 12 coconuts or he can divide his time between the two in any way with no loss of efficiency. So for instance, if he spends half of the day catching fish and a half picking coconuts, he can catch 4 fish AND 6 coconuts. Similarly, Paul can catch 6 fish or pick 3 coconuts in a day (and also divide time in any way between the two).

Draw a PPF for John and Paul. Label the slopes and intercepts. If they want to produce 4 fish between the two of them, what quantity of coconuts would be production efficient? label this point on your graph.

2. a. Show the market for potatoes on a graph and show what will happen if there is a drought in Idaho (where a lot of potatoes are grown).

b. On another graph, show what will happen in the market for potatoes if there is a drought in China (where, I presume, a lot of rice is grown).

How the financial system impacts the U.S economy during and after the civil war? please be specific.

Please write out and explain what causes exchange-rate changes in short run using the asset approach to exchange-rate determination. (Hint: Make sure that you provide both graphical and verbal explanation in your answer.}

How Covid-19 shows the limits of today’s globalization? How will it impact the future of international trade?

Summarize the article on measurements, Focus on the Logistics Service Capability Measurement System

Article: Research on Measurement of Service Capability of Logistics Enterprise

d) Canada is a “small” country in the global market for strawberries since its production or consumption levels do not affect world price. The world price for strawberries is $10 per box. If trade is allowed, calculate producer surplus, consumer surplus and total surplus for strawberries in Canada?

Q_D = 600 – 20P

Q_S = -150 + 30P

Suppose there are two paper mills on an island. Both mills produce air pollution that is non-rival and non-excludable. All of the island’s citizens are negatively affected by the air pollution, but Children and Adults are affected differently. Specifically, the marginal benefits of pollution abatement (A) to the Child population is given by MBChild = 162 − 3A and the marginal benefits of pollution abatement to the Adult population is given by MBAdult = 108−2A. Not surprisingly, pollution abatement is costly for both paper mills. For Mill 1, marginal abatement costs are given by MAC1 = 12A and for Mill 2, MAC2 = 6A. Suppose there are no enforcement costs associated with ensuring that polluters comply with any abatement regulations. Using this information, answer the following questions.

Part (a) Aggregating benefits for Children and Adults, what is the marginal social benefit (MSB) function for pollution abatement? Graphically illustrate marginal benefits for Children (labeling it MBC), Adults (labeling it MBA), and the two combined (labeling it MSB).

Part (b) Aggregating costs for Mill 1 and Mill 2, what is the marginal social cost (MSC) function for pollution abatement? Graphically illustrate marginal costs for Mill 1 (labeling it MAC1), Mill 2 (labeling it MAC2), and the two combined (labeling it MSC).

Part (c) In the absence of regulation and bargaining, how much pollution will each Mill choose to abate?

Part (d) What is the socially optimal level of pollution abatement? Show this graphically, making sure to label the MSB and MSC curves as well as all intercepts and the equilibrium.

Part (e) Suppose the government chooses to achieve the abatement goal you found in Part (d) using a flat-rate emissions tax. What emissions tax would induce an overall abatement level that would achieve this goal? Under this tax, how many units of pollution would Mill 1 choose to abate? How many units of pollution would Mill 2 choose to abate?

Part (f) Suppose instead that the government chooses to achieve the abatement goal you found in Part (d) using a flat-rate emissions subsidy. What emissions subsidy would induce an overall abatement level that would achieve this goal? Under this subsidy, how many units of pollution would Mill 1 choose to abate? How many units of pollution would Mill 2 choose to abate?

Part (g) Without doing the calculation, can you tell whether total market abatement costs under the tax will be lower than, equal to, or greater than total market abatement costs under the subsidy?

Part (h) Suppose it is discovered that pollution abatement is actually much more beneficial to children than we originally thought above. Suppose also that there are actually positive and sizable costs to enforcing pollution abatement regulations. Applying this new information, what can you say about the new socially optimal level of pollution relative to the level you found in Part (d)?

What are the basic challenges facing global companies, particularly in developing markets? How can small business address them?