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Title: Assignment 8 Answers
Description: Questions asked 1. Why do economists emphasize efficiency as an important goal of public policy? 2. You are a senator considering how to vote on a policy that would increase the economic surplus of workers by $100 million per year but reduce the economic surplus of retirees by $1 million per year. What additional measure might you combine with the policy to ensure that the overall result is a better outcome for everyone? 3. Why does the loss in total economic surplus directly experienced by participants in the market for a good that is taxed overstated the overall loss in economic surplus that results from the tax? 4. Why is compensating volunteers to relinquish their seats on overbooked flights more efficient than a policy of first-come, first served? 5. Why do price ceilings reduce economic surplus?
Description: Questions asked 1. Why do economists emphasize efficiency as an important goal of public policy? 2. You are a senator considering how to vote on a policy that would increase the economic surplus of workers by $100 million per year but reduce the economic surplus of retirees by $1 million per year. What additional measure might you combine with the policy to ensure that the overall result is a better outcome for everyone? 3. Why does the loss in total economic surplus directly experienced by participants in the market for a good that is taxed overstated the overall loss in economic surplus that results from the tax? 4. Why is compensating volunteers to relinquish their seats on overbooked flights more efficient than a policy of first-come, first served? 5. Why do price ceilings reduce economic surplus?
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1
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They distribute the wealth to do something
efficient for the rest of the people to be happy
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You are a senator considering how to vote on a policy that would increase the economic
surplus of workers by $100 million per year but reduce the economic surplus of retirees
by $1 million per year
...
3
...
4
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Both parties win
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Why do price ceilings reduce economic surplus?
Price ceilings mean that a supplier cannot charge more than a certain price for a good
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With a price ceiling, the supplier is usually being prevented from charging the
amount that maximizes economic profits
...
Title: Assignment 8 Answers
Description: Questions asked 1. Why do economists emphasize efficiency as an important goal of public policy? 2. You are a senator considering how to vote on a policy that would increase the economic surplus of workers by $100 million per year but reduce the economic surplus of retirees by $1 million per year. What additional measure might you combine with the policy to ensure that the overall result is a better outcome for everyone? 3. Why does the loss in total economic surplus directly experienced by participants in the market for a good that is taxed overstated the overall loss in economic surplus that results from the tax? 4. Why is compensating volunteers to relinquish their seats on overbooked flights more efficient than a policy of first-come, first served? 5. Why do price ceilings reduce economic surplus?
Description: Questions asked 1. Why do economists emphasize efficiency as an important goal of public policy? 2. You are a senator considering how to vote on a policy that would increase the economic surplus of workers by $100 million per year but reduce the economic surplus of retirees by $1 million per year. What additional measure might you combine with the policy to ensure that the overall result is a better outcome for everyone? 3. Why does the loss in total economic surplus directly experienced by participants in the market for a good that is taxed overstated the overall loss in economic surplus that results from the tax? 4. Why is compensating volunteers to relinquish their seats on overbooked flights more efficient than a policy of first-come, first served? 5. Why do price ceilings reduce economic surplus?