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Per the Kyoto Protocol, European countries have targeted a reduction of CO2 emissions. There are two main types of coal-fire plants in the EU: one type is designed to be able to be retrofitted with abatement equipment at a lower cost than the other type. The EU government has given its economists the job of figuring out the least costly way to reach the goal of reducing pollution by 120 tons of CO2 this year. The marginal abatement costs for each type of plant are as follows: Type 1: MC1 = 5q1 Type 2: MC2 = 3q2 where q1 is the total tons of CO2 removed by type 1 plants where q2 is the total tons of CO2 removed by type 2 plants 1. Suppose the EU implements a command and control system to reduce CO2 emissions. Each plant is to abate 60 units.
Why is this policy not cost effective?
Show this is the case using 2 methods: a graph and two types of calculations: one finding the TVC and one using the MCs.
Conduct a comparative DuPont analysis of two companies. Using a search engine, find one large corporation included in the S&P 500. Then, find one of its largest competitors.
List at least one advantage and one limitation of international trade you encountered in the simulation. Define absolute and comparative advantage in your own words.
Why might college students’ price elasticity for vacation rentals on HHI be 3.0 while active seniors’ price elasticity be 1.0?
Write down the profit maximization problem of the representative firm. What is the new short run equilibrium price and production.
St Atanagio is a remote island in the Atlantic. The inhabitants grow corn and breed poultry. The accompanying table shows the maximum annual output combinations of corn and poultry that can be produced. Obviously, given their limited resources and..
Tyrion, who likes beer and wine, lives in Westeros, where people buy things with Silver Stags (SS). The price of wine is 5SS per flagon and the price of beer is 2.5SS per jug. Tyrion’s daily income is 50SS.
The marginal cost pricing model calculates a markup over marginal costs using estimates of the price elasticity of demand. Will any other pricing strategy result in higher profits?
Assume bad wear in Florida ruins much of orange crop. Illustrate what happens to consumer surplus into market for oranges.
The European Engine Company (EEC) is a multi-national manufacturer of small gasoline and diesel motors.
The Teenager Company makes and sells skateboards at an average price of $70 each. During the past year, they sold 4,000 of these skateboards. The company believes that the price elasticity for this product is about -2.5. Which of the following would ..
Does a firm need to diversify across different businesses in order to benefit from economies of scope? Why do firms continue to merge and acquire despite evidence that these transactions destroy firm value?
Summarize Walmart’s history, the economic, social, and political forces that affect it most. B) Present recent and current operating results (financial performance) data in a table. C) Present a brief SWOT analysis (Strengths, Weaknesses, Opportuniti..
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