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Economics of the Public Sector

by: Bridie Batz

Economics of the Public Sector ECON 4211

Marketplace > University of Colorado at Boulder > Economcs > ECON 4211 > Economics of the Public Sector
Bridie Batz

GPA 3.53


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This 3 page Study Guide was uploaded by Bridie Batz on Friday October 30, 2015. The Study Guide belongs to ECON 4211 at University of Colorado at Boulder taught by Rubinchik-Pessach in Fall. Since its upload, it has received 37 views. For similar materials see /class/232134/econ-4211-university-of-colorado-at-boulder in Economcs at University of Colorado at Boulder.


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Date Created: 10/30/15
UNIVERSITY OF COLORADO AT BOULDER Economics Instructor Anna Rubinchik Of ce 121 Class Econ 4211 Semester Spring 2008 Date May 2008 Final Exam Review Student Nam 939 Student ID39 Name Student ID Page 2 of 3 Econ 421 1 Sample Final Exam A Government Spending Choose 1 out of 2 Nb l Should a state government run a national pension system Justify your answer A politician claims that government should intervene in the education market to even the playing eld for rich and poor families Which justi cation for government intervention in the education market is the politician using Should government intervene in this market Justify your answer B Taxation 2 problems Nb l See q 12 ch 19 p 544 old edition p574 last ed Consider a market with the following supply and demand Qd 10 7 Pa P 72 Q3 1 3 Calculate the initial equilibrium in this market 37 Suppose a unit tax of one dollar is imposed on consumers Calculate the equilibrium quantity and the price paid by consumers and price received by producers Will your answer to the previous question change if the unit tax is levied on producers Who bears higher burden of the tax Why Demonstrate your answer using calculated elasticity of supply and demand See q 13 ch 20 p 578 old edition p 607 also a variant of q 15 new edition The demand for snorkels in Bergama is given by Q3 500 7 81337 the supply is perfectly elastic with marginal cost of production 10 The demand for kayaks is Qk 650 7 6PC7 their supply is perfectly elastic with marginal cost of production 15 Both goods are currently untaxed but the government needs to raise 500 in tax revenues What tax should be levied on each of the two goods assuming no income effects in both markets See q 13 ch21 p 605 old edition p 633 new edition Last HW problem 1 C Political Economy 1 problem See q 12 ch9 p 245 old edition p 255 new edition Three regional representatives N W7 R are responsible to decide whether to build a new airport A and whether to construct a big dam B For each one the value of the statusquo no project is undertaken is 0 They use majority rule to make decisions voting on A versus no A and then on B versus no B Their net bene tcost valuations can be summarized in the following table Final Exam Review May 2008 Econ 4211 Spring 2008 Name Student ID Page 3 of 3 will A be constructed Will they decide to construct B Is this outcome desirable b 5 pts Assume now that they can credibly trade votes so that the promise to vote for a project by any individual is credible ie it can be enforced Will they decide to construct A And B Is this outcome socially desirable c 5 pts Assume that neither of the projects generates any interregional externalities and the reason R 5 net bene t is negative is the cost imposed due to the equal cost sharing for each project How can the problem you have detected in b be alleviated ls you answer still true if most of the negative bene t imposed on region R comes from negative externalities e g noise and pollution from the airport ooded lands due to the dam construction etc Econ 4211 Spring 2008 Final Exam Review May 2008


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