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Q1) Demand for milk is Q=1000-5plong run supply function for milk is Q=4p-80. if government's climate change policy is based on polluters pays tax and it decides to tax milk.a)how will this tax affect equilibrium in the milk market?b)how would the burden be shared between buyers and sellers of milk?c)what is the excess burden of this tax?Q2) A firm in a perfectly competitive industry has invented and patented a new process for making a plastic product q. The new process lowers the firm's average cost curve, meaning that this firm alone can earn real economic profit in the long run.a)if the market price for q is $20 per unit and the firm's marginal cost is given by MC=0.4q, where q is the daily production for the firm, what will the firm's daily output be?b) suppose that government finds that the new process pollutes the air and estimates that the marginal external cost of production is MEC=0.5q. If the market price is still $20, what is the socially optimal level of production for the firm? what should the rate of a government imposed tax be in order to bring about this optimal level of production?c) need a labelled graph.Q3) Two groups of land users contribute to the pollution of a lake. Both dairy farmers (Group D) and sheep farmers (Group S) use nitrogen to fertilise their pasture. Local government has decided to implement a system of tradable rights to limit the influx of nitrogen into the lake. Government will issue 100 pollution permits. One permit equals 1 tonne. Their respective demand (in t) functions for nitrogen polluting rights are D(d)=100-p and D(s)=20-2pa) Assume that the price of permits is zero and determine what the status quo level of nitrogen pollution isb) describe two approaches to allocating the initial entitlements. Comment briefly on the relative merits of each.c)Assume that each group gets 50 permits (i.e 50 tonnes each). Assuming zero transaction costs, describe post-trade equilibrium quantity and permit price.
Assume that all states adopt a serious no-fault rule to cover automobile accidents, so that it becomes impossible to sue for damages after an accident.
Mark Martinko has been a class A racquetball payer for the last 5-years, and one of his biggest goals is to own and operate a racquetball facility.
In 1990s, Chrysler Company placed nearly all decisions about the development of a new vehicle in the hands of a single, cross functional product team.
Illustrate which loan carries the lower effective rate. Consider fees to be the equivalent of other interest.
One of the major issues in macroeconomics is disagreement in the debate over policy activism versus policy rules. Illustrate what exactly is that disagreement.
Should the company invest in new plants, equipment, or technologies. Should the firm consider a merger with another company. Explain your reasoning.
Explain how is the aggregate supply curve different from the supply curve for a single good like pizza.
Suppose the effects of a change in the money supply in an open economy under a flexible exchange rate system. How are your conclusion affected by the adoption of a fixed exchange rate.
Discuss the appropriate discretionary fiscal policy that the government should adopt, given the above situation.
Draw a diagram describing autarky and a pattern of comparative advantage for your example.
Assume there are only two automobile companies, Ford and Chevrolet. Ford believes that Chevrolet will match any value it sets, but Chevrolet too is interested in maximizing profit.
Illustrate the steps comprised in pricing the television units in order to maximize total revenue.
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