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1. Consider the competitive market for natural gas. Now suppose that the price of renewable energy (a substitute for natural gas) decreases because of a technological advance. Answer the following questions about the natural gas market.
a. Draw two graphs, side by side, illustrating the short-run effects of the fall in renewable energy prices on the natural gas market and an individual natural gas firm’s output and profit. Use a graph with a ‘typical’ set of average total cost (ATC) and marginal cost (MC) curves.
b. Briefly explain the long-run effects of the fall in renewable energy prices on the natural gas market by using a graph (or graphs) to show the likely effects on the profits of natural gas firms, and the market price and market quantity of natural gas.
Explain two distinct factors through which geography can affect a country's income and prosperity. For both of these factors described in part A, discuss whether you think the effect of these on a country's income is fixed over time or whether the ef..
How can we measure the opportunity cost of producing a good? Using a bowed outward production possibilities curve between ice cream and hammers, identify graphically the opportunity cost of obtaining an additional hammer. Does economic growth elimina..
The Texas Transportation Institute at Texas A&M University conducted a survey to determine the number of hours per year drivers waste sitting in traffic.
How large a tax cut would be needed to achieve the same increase in aggregate demand? Determine one possible combination of government spending increases and tax increases that would accomplish the same goal.
The inverse demand function for water (w) among urban users is given by D(w) = 10 - 2w, and the inverse demand function for water among rural users is given by D(w) = 6 - w. The total amount of water available is W = 5. What is the efficient allocati..
Which of the following might describe the behavior of a firm's cost in the short run? If the MPL rises over a particular range of output, then over that range ____. Whenever the marginal cost curve lies above the average total cost curve, an increase..
What are the negative consequences of development? Can development occur without destruction of the old social fabric? Please provide examples where these will help to clarify your answer.
Which of the following bonds is supported by collateral?
Records show that 12% of all college students are foreign students who also smoke. It is also known that 60% of all foreign college students smoke. What percent of the students at this university are foreign?
You supervise an aging production line that constantly needs maintenance and new parts. Last month you spent $25,000 replacing a failed controller. Should the following plan be accepted if the interest rate is 15%. The net installed cost of the new l..
Which of the following statements are true? To curb inflation and reduce the money supply the Federal Reserve can: I. Increase the discount rate II. Increase the required reserve ratio III. Decrease the discount rate IV. buy securities in the open ma..
Jake drove Amanda's truck to the football bowl game because his car was broken. On the way home, Jake was involved in an accident that was his fault. The resulting liability damages totaled $85,000. Jake has $100,000 liability coverage on his car, an..
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