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Question: The demand (MB) for a good is given by P= 20-Q. The private marginal cost is given by PMC= 6+Q, and the marginal damage function is given by MD = 2+Q.
Note: the optimal tax is the difference in price between the private marginal cost and the social marginal cost at the socially optimal quantity, NOT at the private optimal quantity.
Find the social marginal cost curve.
Find the optimal tax rate that can induce producers to reduce output to social optimal level.
Calculate the gain (damage avoided), loss (loss of producer + consumer surplus caused by less output) and net gain (avoided DWL caused by pollution) of the tax.
Why might it make more economic sense today for the NFL team's stadium to be located in a suburban area and the MLB team's park to be located in downtown areas -
Treating the marginal cost curve as the “supply curve” and using the given demand curve,what price and quantity would a competitive market give?
compare the relative costs of using long-term equity financing and those of using long-term debt financing. hint what
A profit maximizing monopolist is earning a postive economic profit. If workers wages rise, what happens to price and quantity ?(assume that the monopolist is still earning a positive profit after the wage increase). Is the monopolist better or wo..
You are told that the equilibrium level of output for this economy is $310 billion. What is the level of net exports equal to for this economy
define performance appraisal and explain the areas in which performance data and information are used for making
Suppose the world price is P = 6. Add this to your drawing and determine how many units of the good are imported or exported by the country.
Define social responsibility. How does this view of the role of business differ from your previous perceptions? How is it consistent with your attitudes.
If you had the opportunity to meet Doug DeRito, what five questions would you ask?
Describe the deterministic model and stochastic model and Describe function, linear function and non-linear function. Give an example of linear and nonlinear function, respectively.
What is isoquants and at what point an isoquants are economically efficient?
It is often said that a good theory is one that can be refuted by an empirical, data-oriented study. Explain why a theory that cannot be evaluated empirically is not a good theory.
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