Your assignment is worth 5 pts, and each of the questions must have at least 200 words per answer

– Explain why the marginal cost of production must increased if the marginal product of the marginal resource is decreasing.

– Define productivity efficiency and allocative efficiency. What conditions must be met in order to achieve them?

– How is the demand for lumber affected by the demand for housing?

– Define market power, and then discuss the rationale for government regulation of firms with market power.

– Explain the difference between fixed-production technology and variable technology. Should the government set a goal of reducing the marginal social cost of pollution to zero in industries with-fixed production technology? Should they do that in industries with variable technology?

– What is the Lorenz curve? What does the Lorenz curve in Exhibit 2 illustrate?

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