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A steel factory has the right to discharge waste into a river. The waste reduces the number of fish, causing damage for fisheries. Let X denotes the quantity of waste dumped. The marginal damage, denoted MD, is given by the equation MD = 2 + 5Q. The marginal benefit (MB) of dumping waste is given by the equation MB = 34 - 3Q. (a) Calculate the efficient quantity of waste. (b) What is the efficient fee, in dollars per unit of waste, which would cause the firm to dump only an efficient quantity of waste? (c) What would be the quantity dumped if the firm did not care about the fishery?
If a firm decreases the price of its product and demand for the good is inelastic, its total revenue will decrease. If a firm decreases the price of its product and demand for the good is elastic, its total revenue will decrease. As the price of X fa..
Assume a firm in a perfectly competitive market has the short-run total cost function TC = 100 + 160Q + 3Q2. If the market price is $196, what should it do?
Suppose the value of technology adoption to a given user is log(n) where n is the total number of users who have already adopted the technology. Suppose the cost of technology adoption per user is c. Assume there are N users in the market.
The great English economist Alfred Marshall (1842-1924) invented many of the tools of modern economics, but he was most concerned with the application of these tools to the problems of society. Explain how the cool head might provide the essential po..
Figure 1 above shows a consumer's budget constraint for buying apples and oranges, as well as the indifference curve passing through the utility-maximizing bundle A.
A small town is served by two grocery stores, White and Gray. Each store must decide whether it will remain open on Sunday or whether it will close on that day. Which firm is the more profitable in this market? Does the firm you identified as more pr..
Assume an economy is closed. According to classical economic theory, explain what will be the long run effects of an increase in taxes. You may want to organize your answer around these three parts: A) Aggregate Supply/Output (includes a discussion o..
Is there evidence that a party dealignment is occurring in the United States? What is the organizational structure of political parties? What are some of the functions of parties in the electoral arena? How do both the electoral system and federalism..
What output level will the competitive firm choose in order to maximize its profit? What is the price at this output level?
According to the text, does the United States better fit the pluralist model or the major itarian model? Why? Explain the key difference between elite and pluralist theory
Review the discussion in the lesson regarding the financial crisis. Discuss each of the following points. Use sources from the ITT Tech Virtual Library to add to your answer.
Suppose you work as research economist at the EPA. There are two firms that operate in a perfectly competitive marker. This implies that each has the same marginal benefit curve, which in this case is horizontal at MB= $100. Each of the firms, howeve..
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