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A number of paper companies dump sewage into a local river as a byproduct of production. The resulting environmental damage incurs a social cost of 60 cents per ream of paper that is produced. Suppose marginal cost function for the paper companies is given by MC = .01Q, while the demand curve for paper is given by Q = 1200 - 200P.
a. Solve for the social marginal cost function (that is, the function that takes into account the private marginal cost of production and the social cost of the externality).
b. What are the total costs of production (including the cost due to environmental damage) at the unregulated equilibrium quantity of 400?
c. What size tax would induce the firms to cut back to the socially optimal quantity of 360?
A company's total sales in a year were £950,000. The cost price of goods sold was £480,000.
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If you have a competitive advantage you might be able to charge high prices and still enjoy superior sales. T/F
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if a government initially has a balanced budget but then cuts taxes, it is running a deficit that it must somehow finance. suppose people think the government will finance its deficit by printing the extra money
Illustrate what rate of inflation characterized this economy during 1994.
Explain the relationship between electoral systems and party systems. Answers should be sure to assess this question from the perspective of both proportional representation and single-member districts and provide examples to support your points.
imagine an economy consisting of 1000 members. there is one produced good corn which all like to consume. corn is
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