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Policy analysts in the Department of Natural Resources have estimated that the marginal benefits from water pollution abatement are given by the function MB ¼ 0.90 À 0.03A, where A is a measure of the abatement intensity. Industry experts have estimated that the marginal cost of abatement activity is MC = 0.30 + 0.09A.
a. Determine the optimal level of abatement activity.
b. Explain what happens when new technology reduces the marginal cost of abatement to MC = 0.25 + 0.06A.
The lunch you buy in your school cafeteria is classified as: a) a consumer durable. b) a consumer nondurable. c) a service. d)either a consumer nondurable or a service because it fits into both categories.
A 473-foot, 7000-ton World War II troop carrier (once commissioned as the USS Excambion) was sunk in the Gulf of Mexico to serve as an underwater habitat and diving destination. The project took 10 years of planning and cost $4 million. Assume the $4..
An industrial firm can purchase a special machine for $22,000. A down payment of $2,500 is required, and the balance can be paid in 5 equal year-end-installments at 14% interest on the unpaid balance. As an alternative the machine can be purchased fo..
Why tax multiplier is smaller than the multiplier for the same amount of government spending? Please explain with the following data: $1 million tax cuts, $1 million increase in government spending, MPC=0.75.
Consider the market for beef. Suppose the price of grain used to feed cows increases. How does it affect the equilibrium price and quantity of beef? Explain with a diagram.
Identify three roles for money: money is a unit of account, a store of value also acts as a medium of exchange.
Economies of scale exist whenever:
Suppose that the carnival and the circus have both come to town, and are both o?ering free admission. You have 6 free hours to kill. Draw the BUDGET LINE that shows your options for how you can spend the day.
which revealed that the buyers were, on average, willing to pay a premium of $295 for an IBM computer.
Explain the practical effect of price controls on product and service availability, quality and true cost. What is the full impact of rent controls? On whose behalf are they imposed? Who are the winners and who are the losers? What is the impact of p..
Explain when Bank of Maryland will exercise the option. What is Bank of Maryland's break-even 60-day spot price on the option contracts? On the futures contracts.
Assume 3 firms, A,B, and C, compete for market share via quantity competition. Assume all firms have the same constant marginal costs cA = cB = cC = 1 and that market demand is given by D(p) = 101 minus p. Solve for the unique N.E.
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