In this, John Maynard Keynes economist thought that government should stay out of economic decisions, that the economy should be guided by the forces of supply and demand alone.
<h3>Who was John Maynard Keynes?</h3>
British economist John Maynard Keynes (1883–1946), often considered as the father of contemporary macroeconomics, is the source of the name, theories, and guiding principles of Keynesian economics.
Keynes warned that the harsh terms the Versailles peace deal imposed on Germany to finish World War I would spark a new European conflict in The Economic Consequences of the Peace, published in 1919.
The difference between Keynesians and other economists is their support for activist measures to lessen the amplitude of the business cycle, which they consider to be one of the most pressing issues in the economy.
Therefore, in this, John Maynard Keynes economist thought that government should stay out of economic decisions, that the economy should be guided by the forces of supply and demand alone.
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Answer:
Usually, the government can achieve the same outcome either by setting a price with a corrective tax or by setting a quantity with pollution permits for any given demand curve for the right to pollute. But If there is a sharp improvement in the technology for controlling pollution for any given demand curve for the right to pollute, the effect of this development is a change in the demand for tradeable pollution rights as illustrated below.
Explanation:
Trading pollution rights has opened up a thriving market system for its demand by firms that emit carbon di oxide and other forms of air/water pollution to the environment.
This is where the exchange of permits or "rights" to release pollution residuals into the environment takes place.
These pollution permits is be bought and sold in by industries and government respectively .
Prices would vary according to the forces of supply and demand The total number of permits would be based on the amount of permissible pollution residuals that can be safely released into the environment during a given period of time. These permits could be given away or auction off to potential polluters, in most cases the highest bidder.
Suppose there is a sharp improvement n Technology for controlling pollution such as
- industrial process machines that eliminates air pollution by collecting and recycling the harmful substance that should have escaped into the atmosphere for use or even for sale when the need for it has been discovered thereby reducing or controlling pollution.
- a mechanism that protects the environment by conserving and protecting natural resources while strengthening economic growth through more efficient production in industry and less need for households, businesses and communities to handle waste.
The demand for pollution rights will drastically reduce.
Answer:
Kate should keep the business open in the short run, but plan to go out of business in the long-run
Explanation:
Using the information given, we see that:
- Kate's 24-hour diner offers one item
- item is $5.00
- Average variable cost is $3.95.
- Average fixed cost is $1.25
Therefore we have,
$$
$
The result gotten shows that the <em>Average total cost is $5.2 </em>which is higher than price.
Because the <em>Average Variable Cost</em> is less than <em>Price</em> and the <em>Average Total Cost</em> is greater than <em>Price</em>, Kate should keep the business open in the short-run, but plan to go out of business in the long-run.
Answer:
c. 3 loaves of bread for Andy and 1 loaf of bread for John.
Explanation:
Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.
For Andy, the opportunity cost of producing 1 pound of butter is = 24 / 8 = 3
For John, the opportunity cost of producing one pound of butter is 8/8=1
I hope my answer helps you
Total Quality Management (TQM) is an on-going improvement management plan. Furthermore, TQM ensures that equipment is properly maintained and a recent type, and workers are well-trained. However, most companies who use Total Quality management also utilize other lean processes, not just TQM.