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1. The owner of a tropical forest harvests timber so as to maximize his own profit from the land. This forested land also provides habitat for wild beehives that pollinate the crops of surrounding farmers. Assume that the number of bees and therefore the magnitude of the pollination services provided are proportional to the size of the intact forest habitat on the landowner's property. In the absence of an agreement between the landowner and his neighbors, is he likely to harvest too much or too little of his timber at any given time?
Characterize this as an example of a positive or a negative externality.
2. The efficient level of a negative externality is always a positive amount (circle one: True/False). Briefly explain your answer.
3. Examine the graph of marginal benefits and costs of abatement below. Suppose regulators expect these curves to be as shown but are uncertain as to whether or not the marginal costs of abatement curve will be higher or lower than depicted. If regulators must choose between an emissions tax or tradable quotas, which would be preferred from the perspective of efficiency, given the uncertainty in costs of abatement? Explain in a short paragraph and illustrate on this graph.
Engineers at a national research laboratory built a prototype automobile that could be driven 180 miles on a single gallon of gasoline. They estimated that in mass production the car would cost $40,000 per unit to build.
Rivalry and excludability are the two characteristics of goods that are produced through the competitive market system. Compare and contrast the difference in private and public goods based on these two characteristics.
What is the monopolist's profit-maximizing level of output - what price will the profit-maximizing monopolist charge and how much profit will the monopolist make if she maximizes her profit?
1 suppose x is a discrete variable that has the following probability density functiona calculate the cumulative
Assume that the consumption of schedule for a private open economy is such that consumption C = 50 + 0.8Y. Assume further that planned investment Ig and net exports Xn are independent of the level of real GDP and constant at Ig = 30 and Xn = 10. Reca..
The local utility company applies a "declining block" rate structure for its industrial consumers, that lower unit price is charged for higher quantity blocks of electricity and water usage. Is the company practicing any type of price discriminati..
What number of drivers appears to be most efficient in terms of output per driver and what number of drivers appears to minimize the marginal cost of transportation assuming that all drivers are paid the same salary?
What is the firm’s total revenue and total amount paid for labor at the level of labor input you determined in (b)?
what are the cost and consequences of providing the subidies?
Suppose all the competitve firms collude to form one single monopoly firm. (Collusion changes neither the demand nor the cost conditions in the industry.) Discuss the economic effects of the change in market structure.
Suppose the market shares of the six largest firms in the industry are 12 percent each. Compute the six-firm concentration ratio and Herfindahl-Hirschman index for this industry.
Determine the profit maximizing output?
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