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The most popular state park in the Craggy Mountains recently reached the point where a common property resources problem arose — too many people hunted for wild boar each season. The boar population became over hunted and was in peril of extinction. An economist at the local university studied the problem for the park management and estimated the following cost and revenue relationships: Demand: P = 10 - 0.008Q Marginal social cost: MSC = 1.00 + 0.0067Q Marginal private cost: MPC = 1.00 + 0.0010Q. The variable Q represents the number of boars killed each season and price P is in hundreds ($). a. Determine the equilibrium number of boars killed per season, when there is unlimited access to the park. b. Determine the per boar fee that must be charged to reduce the harvest to the efficient level. c. Determine the social cost of unlimited hunting of the boar.
Christine has always been weak in mathematics. Based on her performance prior to the final exam in Calculus, there is a 57% chance that she will fail the course if she does not have a tutor. With a tutor, her probability of failing decreases to 27%. ..
What could be the full increase in real GDP from the change in government spending assuming that the aggregate supply curve is horizontal across the range of GDP being considered.
it is estimated that the price elasticity of demand is -3.0. Is the firm charging the optimal price for the product. Demonstrate how you know.
Explain how might you make profits by purchases or sales of bonds now,with the intention to sell in a few months' time.
Which of the following market conditions in an oligopoly increase the probability that it will be able to maintain prices well above the competitive market level? Explain your answer briefly in each case.
What is the equilibrium price and quantity of apartment rentals in Lafayette? Suppose the government imposes a price ceiling of $150. What is the impact on the equilibrium outcome? Does this price ceiling necessarily increase consumer surplus? Explai..
Suppose that the demand curve for a product is given by P=36-Q where P is in thousands of dollars per auto and quantity is in millions of cars per year. What other things are held constant when one moves along a demand curve?
A rule of common law takes precedence over a statute. Legislatures have the power to change the law by enacting new rules of common law. Statutes take precedence over rules of common law.
One tractor to be considered is a Montana. It has an initial cost of $34,000 and an annual maintenance of 175 with a salvage value of $12,000. It's useful life in years is 18. What is the value/cost closest to the annual worth of the Montana tractor ..
About 95 percent of the world's population lives outside the United States, but many U.S. companies, especially small businesses, still do not engage in global trade. Why not? Do you think more small businesses will participate in global trade in the..
Suppose a country enacts a tax policy that discourages investment. As a result, the value of the parameter ¯s now goes to a smaller value ¯s ′. Assuming that the economy starts at its initial steady state, use the Solow model to explain what happens ..
A mining corporation purchased some production machinery. It depreciated by SOYD depreciation. After 5 years of use, the company decided to sell the machinery.
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