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Nobody likes pollution (or crime, or accidents)! But economists, as they so often do, bring a different perspective to the issue of pollution. Assume that a paper plant dumps the chemicals it uses in making paper into the river it is located next to, polluting the river for downstream users. The paper plant operates in a perfetly competitive market ( the price it charges for its products equals its average total cost of production, not counting the costs of pollution, and it earns only a normal profit on its business.)
1) Who loses and who gains from the pollution caused by this plant?
2) Explain why the economist says that it doesn't make sense to reduce the amount of pollution to zero. What is the "optimal" amount of pollution?
3) The U.S. adopts strict pollution controls, forcing paper plants either to clean up their pollution or pay a heavy fine. But Canada refuses to adopt such a rule. What problem does this create?
A businesses strategic choices are limited by economic conditions. When you arrive at strategy class, you will be asked to perform an environmental analysis.
Write two key assumptions of Lewis' two sector model that give rise to its conclusions? How would the model's conclusion differ if these assumptions do not hold?
Describe, in general, the ethics training program you envision for the company.
If total costs at each output level were to double, would the profit maximizing output level be greater or smaller? Can you answer this question without performing any calculations? Explain.
A family that won a $100,000 prize on America’s Funniest Home Videos decided to put one-half of the money in a college fun for their child who was responsible for the prize. If the fund earned interest at 6% per year, how much was in the account 14 y..
Assume that you work for a large national company with several stores in each state. Which regression method should be applied to using "big data" that the company generates to answer questions about store revenue performance over time and to generat..
What is inflation? What are the causes of inflation? Is inflation desirable and what can be done to control inflation in a market economy? What is the Consumer Price Index (CPI)? How has the CPI behaved since the year 2000? What have been the caus..
Consider the following situation regarding the trading partners Hong Kong, Japan, and the United States: Hong Kong’s currency is pegged to the U.S. dollar; the Japanese currency (the yen) appreciates relative to the U.S. dollar. How would Hong Kong e..
Define institutions in the context of business strategy, and explain the role of institutions when considering entering a foreign market.
When a government or corporation sells bonds to raise money, it can do so in one of two ways. It can target a certain amount to raise or it can target a certain amount to pay back at the end of the bond (this is simplified for the purpose of the prob..
“If the assumptions of the median voter model hold, then using majority voting to determine the amount of a public good purchased by a city will lead to either an efficient level of the public good being provided or an under-provision of the public g..
Bessimer Electronics manufactures addressable actuators in one of its Maquiladora plants in Mexico. The company believes that by investing $24,000 each year in years 1, 2, and 3, it will avoid spending $87,360 in year 3. If the company does make the ..
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