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Electricity is often generated using coal fired plants. Unfortunately, coal burning produces SO2, which causes acid rain. Consider two countries that border each other to answer the following question. Country A's SO2 emissions are known to negatively affect neighboring Country B through acid rain. However in private decision making, Country A does not acknowledge this and privately chooses an optimal level of nationwide abatement. a) Assuming that society is comprised of these two countries, show this problem on a MAC/MD diagram. Show MAC, MD of Country A, MD of Country B, and aggregate MD curves. b) Consider the real world issues with this problem. How could this problem be solved? What do you suggest? Explain in your answer in 5 sentences or less. c) On your graph, show the net gain to society that would be achieved by solving the problem.
Suppose a monopolist faces demand of Q = 300 – 2P and has a total cost curve of TC = 75Q + Q2. What is the firm’s marginal revenue? What is the firm’s marginal cost?
What do you think happened to the use of pounds as a means of payment?
Why could diseconomies of scale never occur if production relationships were only technical relationships?
it is unfair but true that bad things happen. unfortunately when people expect bad things to happen they often make
Discuss the model or economic theory that relates to the issue presented in the news article - Discuss what economic theory states and predicts about the issue presented in the news article.
1. if a firm purchases a part of its supplies on the open market this is called a a spot market purchaseb a long term
Helen’s preferences over CDs (C) and sandwiches (S) are given by U(S, C) = SC +10(S +C), with MUC=S +10 and MUS= C +10. If the price of a CD is $9 and the price of a sandwich is $3, and Helen can spend a combined total of $30 each day on these goods,..
A road building contractor has received a major highway construction contract that will require 50,000 m^3 of crushed stone each year for 5 years. The stone can be obtained from a quarry for $7.80/m^3. As an alternative, the contractor has decided to..
What is performance technology and briefly describe the business logics model
Some Classical and Monetarist economists claim that inflation is always a "monetary phenomenon." What do they mean by this claim and are they correct?
what is the costbenefit approach that a typical economist takes to analyze regulations? what are the goals of taxation?
When the late Francois Mitter and was the president of France, he instituted a number of programs designed to appeal to his “blue-collar” constituency. He raised the income tax rate applicable to the rich and expanded the free, government-provided so..
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