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Suppose the inverse demand for coal is estimated to be P = 75 - 0.6Q, where P is the price of coal and Q is the quantity demanded. The supply of coal is given by P = 0.3Q.
1. Suppose coal mining produces an external marginal user cost. This cost equals $25 for each unit of production. Calculate and show graphically the socially efficient equilibrium price and quantity of coal.
On your graph of the efficient equilibrium, label and calculate the areas corresponding to
(i) CS
(ii) Scarcity rents
(iii) Quasi-rents
(iv) TVC
(v) Social net benefits (SNB)
What are the potential consequences of a country having a large overall debt? If you were in the position to implement a solution for the country's long-term debt, what would it be and why?
Changes in tax laws and deliberate government purchases that are made to help the economy recover from a recession are known as ____________.
The economy is made up of C and I and is currently at full employment. If consumption is $5 trillion while savings is $1 trillion, what is present investment according to classical economists.
Suppose that in Year 1 an economy produces 100 golf balls that sell for $3 each and 75 pizzas that sell for $8 each. The next year the economy produces 110 golf balls that sell for $3.25 each and 80 pizzas that sell for $9 each. The value of nominal ..
Suppose that there are two products: soda along with clothing. Both Brazil and the United States produce each product.
In practice, the primary tool used by the Federal Reserve to control the money supply is
Suppose an economy has overbuilt and suffers from excess capacity. A recession ensues due to firms cutting back on expenditures. Is deficient demand more easily remedied by monetary or fiscal policy? Explain.
If the number of suppliers in the micro calculator industry increases, illustrate what would we expect to happen.
The owner of Torpid Oaks B&B wanted to know the average distance its guests had traveled. A random sample of 16 guests showed a mean distance of 85 miles with a standard deviation of 32 miles. The 90 percent confidence interval (in miles) for the mea..
The Sherman Anti-Trust Act. If competition decreases in a certain industry. Under perfect competition. The Clayton-Anti Trust Act
What are the key points in a short-run production function that delineate the three stages of production? Explain the relationship between the law of diminishing returns and the three stages of production.
Discuss the advantages of E-Commerce - Discuss E-Commerce and E-Business and how e-business is helping corporates in business.
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