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For the next four questions, consider the market for a type of cooling lubricant used in manufacturing small electronic components. It makes production much cheaper, but it also causes pollution of various types.
The lubricant is produced by a small, perfectly competitive, price-taking firm. It charges a price of $25 per unit and, based only on private costs, produces 8000 units.
Due to the externality that occurs when pollution is created by this production process, a government agency intervenes, saying that when a quantity of 8000 units is produced the firm is creating a marginal social cost per unit of $4. The government recommends that only 6000 units be produced.
Assume throughout that all "curves" are really straight lines. This information will be repeated in future questions for your convenience. For now, use what you know about firms and firm behavior to calculate marginal (private) cost when 8000 units are produced. Carefully follow all numeric instructions.
Explain and discuss the two specific conditions (i.e., triggers) that must exist before the Miranda Warning needs to be given and the two exceptions (not the waiver) to the Miranda Warning.
To differentiate its product,a monopolistic competitive firm will engage in all of the following advertising practices EXCEPT
Is there a relationship between changes in productivity and the education level or the percentage of people attaining a particular level of education as hypothesized in economics?
If tourist decide they do not really like T-shirts that much, the new demand curve is Q= 21,000-500P. The Supply Q= 6,000 +1000P find the equilibrium price
Determine the range of prices for which the firm incurs a loss but continues to produce. Also determine the range of prices for which the firm earns a profit.
Inflationary pressure is a growing problem for the economy. Therefore, the Federal Reserve decides to pursue a policy to reduce the inflationary pressure. Which policy changes by the Fed would reinforce each other to achieve that objective?
Recommend at least two (2) strategies an administrator can apply to ensure that the budget is performing according to the established performance indicators. Justify your response.
The GDP deflator is better than the CPI at reflecting the goods and services bought by consumers. The CPI is better than the GDP deflator at reflecting the goods and services bought by consumers. The GDP deflator and the CPI are equally good at refle..
Many products use some derivative of crude oil in their production. Research five of these non-fuel or lubrication products.
Juanita is a college student who lives in Miami and provides math tutoring for extra cash. At a wage of $40 per hour, she is willing to tutor 7 hours per week. At $50 per hour, she is willing to tutor 10 hours per week. Using the midpoint method, the..
A 50-kilowatt gas turbine has an investment cost of S40,000. It costs another S17,000 for shipping, insurance, site preparation, fuel lines, and fuel storage tanks. The operation and maintenance expense for this turbine is $500 per year. Additionally..
The nominal interest rate is 9% per year, compounded monthly. Payments are made monthly for 5 years. The original loan is for $17,000.
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