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suppose that in a competitive market for electric power, demanded for power is given by the equation P=600-Q, and supply is given by the equation P=160+Q where P is price and Q is quantity of some good or service. Production of each unit of output Q leads to a marginal external cost of $50, caused by pollutants emitted by the production of Q. If we add this marginal external cost to the market information, the equation for the social cost supply cure is given by P=210+Q
a) compute the unregulated market level of output and price as well as the socially efficient level. By how much does the market output exceed the socially efficient output, and by how much is the market price below the socially efficient price?
b) compute the monetary valueof the deadweight social loss from the market failure that occurs if society lets firms to continue to produce negative externalities without regulation
c) Suppose a tax per unit output (per unit tax) is impose on the production of Q with the intent of making equal the market level of output and the socially efficient level. How high should that per unit tax be?
d) what is the gain in net social benefits that results from this per unit tax?
The following information describes a hypothetical economy (assume all numbers are in billion if necessary) Determine the value of the MPC of this economy?
Prove that a diminishing marginal rate of substitution either implies nor is implied by diminishing marginal utility.
Consider Bob, he washes his car by hand rather than taking it to the local car wash. When asked why he washes it by hand, Bob explains "you should never pay for something you can do yourself.
According to a recent article in the Wall Street Journal, side-impact crashes are among the deadliest, accounting for nearly 10,000 deaths per year.
Sketch a graph of demand and supply curves that shows the effect of an increase in rainfall on the equilibrium price and quantity of corn. Do price and quantity increase or decrease?
Explain why did the Fed begin to raise interest rates at a point in the economic recovery with concerns over terrorism and rising energy prices causing great uncertainty.
Eluidate the difference among comparative advantage and absolute advantage.
The demand and supply curves for gasoline (in billions per year) are given below. Using the equations, find the initial equilibrium price and the quantity in the market for gasoline.
What is the difference between supply-side and demand-side economics? How do the above concepts fit into these definitions? Which do you agree with most as a solution to stimulating growth, and why?
Caviar and champagne are complements. Recently, pollution has been a problem in the Volga River, where much of the world's caviar originates. The sturgeon that live in these waters are laying fewer eggs than before. Show graphically and explain..
Discuss how labor market mobility affects the unemployment rate.
Discuss how each of the following will affect the marketplace clearing price and quantity in each market. How does the supply and/or demand curves will shift in the following cases.
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