By Laurence S. Seidman
This paintings contains sections on fighting recessions and the loose industry, in addition to up to date fabric at the professionals and cons of building new person debts lower than Social defense. it's also a dialogue of the tax-credit method of motivate the acquisition of medical health insurance.
Read or Download Economic Parables and Policies: An Introduction to Economics PDF
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Example text
But in the long run, the high rent and large profits attract new entrants into the market-apartment builders who construct new apartments. 6, from S to S', the rent comes down, and the market moves gradually down the D' curve from point 1 to point 2. The construction boom continues until the rent comes down enough to return profits to normal. Thus, it is possible that in the long run the rent may come back down to $400, as shown, if the market settles at point 2. With a free market, then, in the short run consumers are unhappy, facing high rents and crowded conditions, but in the long run they MARKETS: DEMAND AND SUPPLY 33 are pleased, because there are many more apartments (2,000 instead of 1,000), living conditions are no longer crowded, and rent is back to normal.
Consider the chapter 2 example-gasoline. 00. We will call the amount of po1lution generated by using a gallon of gasoline one unit of pollution, so each gallon of gasoline generates a unit of gasoline pollution. Note two points about this assumption. 00. Later we'l1 discuss what should be done when the amount of pollution per gallon varies according to the kind of gasoline. Second, what does it mean to say the harm per gallon is $ LOO? This is a difficult question to answer. 00. 00. 00 greater than the marginal private cost (MPC) actually paid by producers (sellers) of gasoline.
Just as the tractor is 'permanent' and never wears out (recall that God has not yet cursed mankind with depreciation), so that a $40 tractor raises output by $20 in every future year, let's assume that the bank is willing to give us a permanent loan so that we never have to repay the principal-the $4O-but must pay a constant amount of interest in every future year. Having permanently borrowed $40, in each future year we will owe the bank nearly $20 per year of interest, because the bank's interest rate is just under 50 percent.