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Scenario: Alexander and Vanessa Alexander and Vanessa benefit from scientific research. Alexander's marginal private benefit from such research is given by the equation P = 200 – Q, where Q refers to the amount of research undertaken and P is the price Alexander is willing to pay for such research. Vanessa's marginal private benefit from such research is given by the equation P = 100 – Q. The marginal social cost of engaging in such research is constant at $100. Reference: Ref 17-15 (Scenario: Alexander and Vanessa) Refer to the scenario Alexander and Vanessa. If the socially optimal level of scientific research is produced and if both Vanessa and Alexander are truthful in disclosing the marginal private benefits they expect to receive from this research, what is the price per unit of research that Vanessa is willing to pay? $50 $0 $100 $300
Explain why excise taxes are more effective at raising tax revenues when applied to products with price inelastic demand versus ones with price elastic demand. Under what conditions would it be possible for tax revenues to decline with higher excise ..
A plant superintendent has arranged to purchase an additive through a 6-year contract at $5,000 per year, starting 1 year from now. Afterwards, he expects the annual price to increase by 3% per year thereafter for the next 12 years. Additionally, an ..
Determine the present worth of a geometric gradient series with a cash flow of $50,000 in year 1 and increases of 6% each year through year 8. The interest rate is 10% per year
illustrate what can you say about the price elasticity of demand for DVD players. Will this price reduction necessarily lead to an increase in profits for DVD player manufacturers.
Assume that the consumption schedule for a private open economy is such that consumption C = 20 + 0.80Y. Assume further that planned investment Ig and net exports Xn are independent of the level of real GDP and constant at Ig = 40, G =20 and Xn = 10...
How might managers interpret the potential for their product in a market that is, in absolute economic terms, large but, on a per capita basis, characterized by a majority of poor consumers? In the event that the BRICs fail to meet projected performa..
Suppose that households in the US switched some of their wealth out of their checking accounts and into short term bank CD's. If banks use all excess reserves to support increased lending, what is the effect on this household behavior on the overall ..
John has a risk asset worth Y and derives utility from the consumption of his wealth. Suppose W=100, L=36, P=0.5 , Find John's expected Utitily of income and Utility of expected income and explain that intuition behind each. Now suppose that he has a..
Suppose (contrary to fact) that the Scottish independence referendum had passed, Scotland had become independent, and you became its finance minister. Your first order of business is to recommend a currency for Scotland.
a profit - maximizing industry in a competitive market is currently producing 100 units of output. Illustrate what is average variable cost.
How is each of the following events likely to affect the value of the dollar relative to the euro?
If firms in the pizza industry are earning negative economic profits, which of the following will most likely occur in the future? a. Some firms will exit the market. b. The economic profits of the firms in the industry will rise. c. The market price..
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