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Suppose that under the United States-Canada Air Quality Agreement, both countries agree to a combined 30 percent SO2 abatement standard. Further assume that the following SO2 abatement cost functions have been estimated by each country:
represent the percent of SO2 abatement achieved by the United States and Canada, respectively, and each TAC and MAC is measured in millions of dollars.
a. If the countries implement a uniform abatement standard, find the resulting values of TAC and MAC for each nation. Based on these values, is there an economic incentive for the two nations to participate in an emissions trading program? Explain.
b. Assuming a trading program is enacted, find the cost savings associated with a costeffective abatement solution?
c. What must be the price of a tradeable permit to achieve the cost-effective abatement allocation?
Why do we call mechanisms such as proportional income taxes and the welfare system automatic stabilizers ? Choose one of these mechanisms and explain carefully how and why it affects fluctuations in output.
Assume that the total value of the following items is $600 billion in a specific year for Upper Mongoose: net exports = $50 billion; value of new goods and services produced in the underground economy = $75 billion
Do you see any problem with the performance-related pay scheme when the employee is risk averse?
Do the same for x2. After, solve the consumer's optimization problem using the Lagrange multiplier method. Interpret the first-order conditions in terms of the slope of budget constraint and indifference curves.
Suppose that you are on a desert island and possess exactly 20 coconuts. Your neighbor, Friday, is a fisherman, and he is willing to trade 2 fish for every 1 coconut that you are willing to give him. Another neighbor, Kwame, is also a fisherman
Assume that the multiplier in the United States is 2 and that a major slump in Europe would reduce output and imports from the U.S. by 5% (relative to its normal level). Given your answer to part (a), what is the impact on U.S. GDP of the European..
Suppose P=20-2Q is the market demand function for a local monopoly. The marginal cost is 2Q. The local monopoly tries to maximize its profits by equating MC= MR and charging a uniform price. What will be the equilibrium price and output
The agency of Labor Statistics follows 5-steps to calculate Consumer Price Index. Determine three strengths and three weaknesses of the Consumer Price Index calculation.
The Zenvox TV Company faces a demand function for its products that can be expressed as Q = 4,000 - P + 0.5i, where Q is the number of tv's, P is the price per tv, and i is the average monthly income. Average monthly income is currently equal to $..
Edward the entrepreneur takes 2 hours to cut a lawn, and he cuts 1,000 lawns per year. He uses solar-powered equipment (truck and mover) that will last forever -- and could be sold at any time for $20,000.
Draw a supply curve and two demand curves to represent the two equilibria described.
a)What is the probability that two randomly (and independently) selected applicants will both score less than 450 in this test b) What is the probability that out of two randomly (and independently) selected applicants, at least one will score less..
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