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3) If the two functions from questions 1( MB(q)=320-18q ) and 2 ( MC(q)=20+6q ) were demand and supply functions:
(a) Plot both functions on one graph.
(b) Show (i.e., calculate algebraically, brie y showing your steps) what the equilibrium price and quantity would be.
(c) Calculate total economic surplus associated with the crude oil market and indicate how much of this surplus accrues to consumers and how much to producers
4) Suppose that crude oil extraction imposes an external cost of $84 per million barrels/day (constant marginal external cost).
(a) Plot a new graph that includes these external costs
(b) Identify the optimal quantity and market price in the presence of the external cost.
(c) Calculate the deadweight loss associated with the presence of the externality
John, who earns more than $50000/year working at his full-time job, spends 40 hours splitting and stacking two cords of firewood over the course of many weekends in the spring and summer. Firewood—split and stacked—costs $200 per cord. Based on this ..
How events would leave the equilibrium price of textbooks at the same level observed before the supply shift.
Each camera requires one lens. Explain how many cameras will Cam co produce also Illustrate what price will be charged for each.
the loan results in a new checkable bank deposit in a different bank equal to the amount of the loan, explain by how much could the total money supply in the economy expand in response to Tracy"s initial cash deposit of $500.
Suppose Larry, More, and Curly are bidding in an auction for a mint-condition video of Charlie Chaplin's first movie. Each has in mind a maximum amount that he will bid.
Illustrate what advice would you offer Kyle also Chad when they are ready to present their business plan to a banker.
It comes to global expansion and setting up affiliates aboard, how is a service company's focus different from that of a manufacturing company
Suppose a firm has a short-run cost equation of C(q) = 0.3q3 – 15q2 + 200q + 100, and short-run marginal cost equation of MC(q) = 0.9q2 – 30q + 200, if the firm produces 25 units of output:
The short-run production function of a profit maximizer firm is given by f(L) = 6L^2/3 , where L is the amount of labor it uses. The cost per unit of labor is w = 6 and the price per unit of output is p = 3. (i) How many units of labor will the firm ..
When a buyer's willingness to pay for a good is equal to the price of the good, the
Bessimer Electronics manufactures addressable actuators in one of its Maquiladora plants in Mexico. The company believes that by investing $24,000 each year in years 1, 2, and 3, it will avoid spending $87,360 in year 3. If the company does make the ..
A paint firm has just announced that it will be building a new plant in a small town that is currently experiencing a high level of unemployment. The new plant will create 500 new jobs in the area and will occupy unused land at the edge of town.
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