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ECC1000 - Principles of microeconomics - S2 2025

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Suppose the reservation wage curve becomes flatter. Which of the following have to be true?

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At a wage of $710, approximately how many people will apply to/ accept the job? 

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Suppose the (inverse) demand function for vaccines is a horizontal line at price P=0.9. What per-unit surplus will maximize efficiency in this market? Enter only the number, with no additional words or symbols, with two digits after the decimal point.

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Suppose the (inverse) demand function for vaccines is a horizontal line at price P=0.9. At this price, how many vaccines are produced? Enter only the number, with no additional words or symbols.

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If the farmers would like to pay the factory to reduce the output to 300, what is the maximum the farmers would pay? Enter only the number, with no additional words or symbols.

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What is the deadweight loss at the profit-maximizing quantity and price? Enter only the number, with no additional words or symbols.

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If the farmers would like to pay the factory to reduce the output to 300, what is the minimum the factory would accept? Enter only the number, with no additional words or symbols.

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What is the profit maximizing quantity? Enter only the number, with no additional words or symbols.

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Which of the following policies can NOT be a solution to a market failure caused by external effects?

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Which of the following is/are NOT an example of an activity that produces a negative external effect?

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