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The Clean Air Act, a federal statute, establishes national air pollution standards for fleet vehicles such as buses, taxicabs, and trucks. The South Coast Air Quality Management District (South Coast) is a political entity of the state of California. South Coast establishes air pollution standards for the Los Angeles, California, metropolitan area. South Coast enacted fleet rules that prohibited the purchase or lease by public and private fleet operators of vehicles that do not meet stringent air pollution standards set by South Coast. South Coast’s fleet emission standards are more stringent than those set by the federal Clean Air Act. The Engine Manufacturers Association (Association), a trade association that represents manufacturers and sellers of vehicles, sued South Coast, claiming that South Coast’s fleet rules are preempted by the federal Clean Air Act. The U.S. District Court and the U.S. Court of Appeals upheld South Coast’s fleet rules. The Association appealed to the U.S. Supreme Court. Are South Coast’s fleet rules preempted by the federal Clean Air Act?
Distinguish between Cardinal utility approach and Ordinal utility approach to consumer behavior. Explain the consumer's equilibrium in terms Marshallian Law of equi-marginal utility. Give illustrations in support of your answer.
Suppose option A has a higher variance than option B. Which of the following statements is, in general, true?
If between 2003 and 2013 the economy's real gdp grew from 20 million to 40 billion, what was the average annual growth rate in the economy?
Direct investment inflows by foreigners into the United States have been sizable in recent years. How might this net inward movement of capital affect the level and pattern of U.S. trade according to the Heckscher-Ohlin model? The level of world outp..
q.sara is a dot.com entrepreneur who has established a web site at which people can design and buy a sweatshirt. sara
A study of the costs of electricity generation for a sample of 56 British firms in 1946-1947 yielded the following long-run cost function: Determine the long-run average variable cost function for electricity generation. Determine the long-run margin..
Suppose unemployed people leave a state to obtain jobs in other states. What do you predict will happen to the unemployment rate in the state experiencing the out-migration? What might happen to the unemployment rates in the states experiencing in-mi..
A movie monopolist sells to college students and other adults. The demand function for students is Qds=2000-25P, and the demand function for other adults is Qds=2400-25P. Marginal cost is $6 per ticket. Instructions:Round your answers to 2 decimal pl..
For the Cobb-Douglas production function in Problem 6.7, in can be shown (using calculus) that. If the Cobb-Douglas exhibits constant returns to scale (a+b=1), show that Both marginal productivities are diminishing.
If interest rates differ between two countries, it is an indication that the financial markets are not in equilibrium, and that investment flows should be taking place between the two countries. Agree? Disagree? Explain.
number of items dry cleaned and p is the price of each item in dollars. What price will he sell services at?
Consider the aggregate demand and aggregate supply model with three ranges. In which range will an increase in aggregate demand cause an output and employment increase without causing inflation?
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