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Suppose there are 13 firms in an industry; in the absence of regulation, each of them emits 4 tons of pollution (so aggregate industry emissions are 52 tons). Further, suppose firms are numbered 1 through 13 , and the marginal cost of abat ement (in dollars per ton of pollution) is equal to the firm ’s number ; in other words, the marginal cost of abatement is $1 per ton for firm #1 , $2 per ton for firm #2, etc. The regulator wants to reduce aggregate i ndustry emissions by 20 tons using a system of tradable permits (cap and trade). One permit allows its holder to emit one ton of pollution .
a. How many permits will the regulator issue?
b. What would be the equilibrium price of a permit?
c. Calculate the total cost of pollution abatement for this industry.
Prove that if the weak preference ranking R is transitive then the corresponding strict preference ranking P (using the definitions we gave in class; this is always understood whenever we are talking about indifference and strict preference) is also ..
Sharp rises in the cost of milk, grain, and fresh fruits and vegetables are hitting cafeterias across the country, forcing cash-strapped schools to raise prices or serve more economical dishes.
What is meant by externalities? What are different types of externalities? What are different types of externalities? What is the Coase theorem? How is it related to externalities?
Suppose there are two goods being produced in the economy: robots and wheat. Robots are a capital intensive good and wheat is a labor intensive good. Supposethat there are two countries: France and Brazil. France is capital abundant andBrazil is labo..
Explain the main differences between the three main nominal anchor choices presented in Chapter 3: i) Exchange Rate Target; ii) Money supply target; and iii) Inflation target plus interest rate policy.
Does the coffee marketplace meet all six conditions of a perfectly competitive marketplace.
The industries or sectors of the economy in which business cycle fluctuations tend to affect output the most are:
At Forest Point Construction, your boss says that he can estimate the total project time based on his personal experience. You are trying to convince him that he should use project management techniques to handle a complex project. What is the correc..
The federal per unit excise tax on gasoline is increased and an industry analyst predicts that the increase will be entirely passed on to consumers. Show two cases in which the analyst would be correct. How likely is it that either of these two cases..
Suppose there are two closed economies: Economy A and Economy B. Economy A has a high average rate of time preference relative to economy B’s low average rate of time preference. Describe the differences you would expect to see with respect to intere..
If the present yield to maturity for this bond is 8%, calculate the current price of the bond using annual computing. Use annual analysis.
Elucidate how do you expect the demand and supply of the good or service to change in the next year. Support your answer.
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