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a. Consider our competitive market, describe by the supply and demand model. If there are no externalities, explain why economists describe the competitive equilibrium an efficient.
b. Suppose instead that all of the firms in this market vent an ozone reducing chemical into the atmosphere as a consequence of their production activies.
1. Is this new outcome efficient? Explain with help of a diagram
2. Do these firms have an incentive to reduce their pollution? Explain with help of a diagram
3. Modern economists suggest 2 solutions for the pollution problem above. Explain how a pollution tax and an emission permit trading scheme can both "solve" the problem of pollution.
4. Suppose the polluter from above is not a competitive industry but instead is a monopolist. How does this complicate your analysis of the pollution problem and its solution?
Suppose that the price of Hershey’s chocolate increases. What would happen to equilibrium price and quantity in the market for Godiva chocolate? Be able to draw the graph that illustrates your answer.
To promote industrialization, import-substitution strategy has been adopted by developing economies to promote industrialization in the domestic economy. Provide 3 key advantages for adopting this strategy and 3 key disadvantages to the domestic econ..
What is the dominant technological design of the St. Jude Medical's industry (medical device manufacturing industry)? Examples: robotic technology, computer technology? Did this dominant technology develop quickly or more slowly and what influenced t..
rom the Blades' Use of Long-Term Financing case study, formulate an overall corporate financial strategy to support the long-term financing of Blades, Inc.
Illustrate output quota q1 would the typical firm have to be limited. Explain how much would it like to produce.
Explain the difference between “Individual Demand” and “Market Demand.” How is Market Demand calculated?
In an essay of at least two well-developed paragraphs, explain how financial institutions affect businesses and households.
Find the equivalent of present worth (t = 0) of a uniform series of $4550 for 8 years, if the payment is made every 12 months, starting 6 years from now. Assume the interest rate is 12% per year, compound continuously.
ead the information in your notes and at WorldWideWebTax to decide. Make sure that you show your work on each circumstance and the overall benefit of standard versus itemizing.
Why do celebrity icons receive such widespread attention and adulation
A computer-controlled milling machine will cost Ajax Manufacturing $65,000 to purchase plus $4700 to install. If the machine would have a salvage value of $6600 at EOY 20, how much could Ajax charge annually to depreciation of this equipment? Ajax us..
You’re fairly well up the food chain at the U.S. EPA in the summer of 2015 (you got fast-tracked as a result of all you learned in your Spring 2015 environmental economics course) and have been asked to put together a set of policies to protect ecosy..
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