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Author Question: Rent seeking refers to a. what landlords do b. looking for an apartment c. capturing the ... (Read 121 times)

khang

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on: Jun 30, 2018
Rent seeking refers to
 
  a. what landlords do
  b. looking for an apartment
  c. capturing the economic results of government-created scarcity
  d. all profit-making activity
  e. all of the above

Question 2

A proposed steel mill will be powered by coal. The country has one company that mines a limited amount of inferior coal, which may not be suitable. In evaluating the potential profit of this mill, how should we determine the price of coal?
 
  What will be an ideal response?


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CAPTAINAMERICA

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Reply #1 on: Jun 30, 2018
Answer to Question 1

C

Answer to Question 2

Students should understand that the local price of coal is affected not only by its inferior quality but also by the limited, monopolistic market. A shadow price should be used, probably derived from the price of importing suitable coal.


khang

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

blakcmamba

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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