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There are three industrialfirms in Happy Valley.FIRM INITIAL COST OF REDUCINGPOLLUTION LEVEL POLLUTION BY 1 UNITA 70 units $20B 80 25C 50 10The government wants to reduce pollution to 120 units, so it gives each firm 40 tradable pollution permits.
a. Who sells permits and how many do they sell? Who buys permits and how many do they buy? Briefly explain why the sellers and buyers are each willing to do so. What is the total cost of pollution reduction in this situation?
b. How much higher would the costs of pollution reduction be if the permits could not be traded?
In view of the current events in the Business World (unemployment, stock market down, businesses closings, and declaring bankruptcy) what nonprogrammed decisions need to be made by the public and Businesses
Using a prisoner's dilemma game such as the "wedding game." explain how a positional arms race can occur. In your answer be sure to explain positional arms races, the nature of the wedding game, etc.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
It has been argued that many of the problems with negative externalities - such as pollution, or the "tragedy of the commons" - could be better solved if there were clearly defined, protected and enforced property rights.
Although Ken Brown (discussed in problem 3-16) is the principal owner of Brown Oil, his brother Bob is credited with making the company a financial success. Bob is vice president of finance.
Analyze the makeup and policies of the European Union and determine if all countries have benefited from their membership (larger vs. smaller countries)
Eve bought defective ball bearings from Saginaw Corp. Alfred was the sole shareholder of the company and also its landlord. After Alfred sold all Saginaw's assets, he withheld enough money to cover the rent that Saginaw owed him. As a result Sagin..
Consider a firm which employs capital and labor as inputs and sells 5,000 units of output per year at the going market price of $10. As well suppose that total labor costs to the firm are $45,000 annually.
Explain the most important characteristic in perfect competition, monopolistic competition, oligopoly, and monopolies and relate the characteristic to how these firms can make profits in the short run. In your analysis, make sure to relate an exa..
Briefly summarize your views on whether the total expenditures for health care in the United States are too high. Provide your rationale, including the criteria you are using for your assessment.
Draw a diagram with appropriate labels and indicate attainable, unattainable, efficient and inefficient areas on the diagram.
What is a convertible bond and why do investors find such bonds attractive? What advantages do convertible bonds have for the issuing firms? What stakeholder group might be harmed when a firm issues convertible bonds?
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