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Smith can produce with or without a filter on his smokestack. Production without a filter results in greater smoke damage to Jone. The relevant gains and losses are as follows: Gains to Smith: $200/wk with filter; $245/wk without filter. Damage to Jones: $35/wk with filter; $85/wk without filter.
a. If Smith is not liable for smoke damage and there are no negotiation costs, will he install a filter? Explain carefully.
b. How, if at all, would the outcome be different if Smith were liable for all smoke damage and the cost of the filter were $10/wk higher than indicated in the table? Explain carefully.
Explain the difference between fixed production technology and variable technology. Should the government set a goal of reducing the marginal social cost of pollution to zero in industries with fixed-production technology.
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Suppose that firm sells its product in a perfectly competitive market. The company fixed costs are equal to $100 and its variable cost schedule is as follows;
The complete lung-run model for exchange rate determination posits that changes in the nominal interest rate also affect the exchange rate (E). Recall that the complete model combines the QTM, PPP and the Fisher effect. The simple lung-run version..
Illustrate which national financial policy programs are best for addressing the problems in the U.S. economy
Illustrate what is the price elasticity of demand of a representative gasoline retailer's product.
What is the monopolist's profit maximizing price c) What is the profit maximizing quantity for this monopolist d) How much profit is the monopolist making e) Suppose the market is no longer depicted by a monopoly, but has become perfectly competiti..
Suppose a company where production depends on two inputs: labor and capital, with prices w and r, respectively. Initially, the company faces market values of w=6 and r=4.
Now assume the government increases spending, reducing the country's savings rate based upon this change. What is the effect on the government spending on the economy.
Do not post on website: The principal-agent problem occurs if the manager (CEO) is not present to monitor the worker (manager). How can she get the worker (manager) to do what is in her best interest?
Assume a society manufacture only guns and butter. When it uses all its resources for the production of guns and operates efficiently, it can manufacture 240 guns a year.
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