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Polices for Environmental Externalities
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases and particulates emitted by and local power plant, answer the following questions:
1. What two policies could you use to reduce the total amount of emissions?
2. Why do you think they each would work?
3. What would the benefits of each action be (besides emissions reduction)?
4. What would the costs of each action be?
5. How would you decide what was the best level of emission reduction?
In your own words, discuss the economic purpose of OPEC. Illustrate what has happened to oil prices over the past five years.
Suppose that the domestic demand and supply for hats in a small open economy are given by-Where Q denotes quantity and P denotes price.
Suppose a risk-averse consumer has an initial wealth of $5,000 and a utility function U(M) √M.. He faces an 80 percent chance of losing $4000, and a 20 percent chance of losing $0.
Production procedures elucidate the law of increasing opportunity costs.
How would you characterize the market for crude oil production? Explain your answer. Explain the long run profit behaviour of firms in this kind of industry.
The first step in comprising the value of this stock today, is to compute the value of the stock when it reaches constant growth in year.
Organization where the market demand is given by QD = 1,500 - 40P, in the long-run equilibrium there will how many firms.
Efficiency and sustainability are management goals with respect to renewable resources. As Field explains, biological and economic considerations are typically blended in determining the efficient allocation of these resources.
Illustrate what the government should do about it, how would each economist explain unemployment and what policies would each advocate.
Determine which of the two investment projects of Problem 1 the manager should choose if the discount rate of the firm is 20 percent.
Suppose they remain in the same place for the next five years, the Bergholts would like to know if it is better to buy or rent the home.
Keynesian thinking dominated US (and other developed-country) policy-making well into the 1970s, although the "classical" counter-arguments kept up a steady criticism:
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