i will post a paper that has 6 question i only need to answer is question 1,3, and 5also i do not need formal word because i am international student but on the other hand it has to be something goof that i can get full mark and the question has to be answer be the book which is Prin of Microeconomics not from any citationthank youEC111-05, 07 Microeconomics, Fall 2016.
Exam #3: Market Failure and International Economics,
Take-home, due by final exam period.
Please answer Q1 or Q2 for 15 points and one more for 10 points. Extra questions
may be answered for assignment credit.
Q1. How does the difference between private and social values explain market
failure even with perfect competition and market equilibrium, in the case of public
goods and externalities? Allow public goods to be just like private goods in terms
of exclusion and rivalry.
Q2. Use the following outline to analyze an example of deregulation: Market
solution, market failure, government intervention (regulation), government failure,
deregulation (back to market solution). Each of these terms should be explained in
the context of your example.
Q3. Who gains and who loses from government support of agriculture in the U. S.?
Why does it continue?
Q4. Use the numerical example given on page 667 of the text to explain how
comparative advantage can lead to gains from trade. How can the numbers be
changed to prove that absolute advantage does not lead to gains from specialization
and exchange?
Q5. How does globalization explain patterns of changes in economic sectors in the
U.S.A.? How does technology and immigration contribute to the process?
Q6. Who gains and who loses from tariffs and/or quotas? Under what
circumstances might protection have no impact?
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