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Consider the market for electricity. Suppose demand (in megawatt hours) is given by Q=50-p and that the marginal private cost of generating electricity is $10 per megawatt hour (p is the same units). Suppose further that smoke is generated in the production of electricity in direct proportion to the amount of electricity generated. The health damage from the smoke is $15 per megawatt hour generated.
A: Suppose the electricity is produced by competitive producers. What price will be charged and how much electricity will be produced?
B: How would your answer change if it was produced by an unregulated monopolist?
C: For each previous answer, what is the consumer surplus from the electricity generated? What is the net surplus, taking into account pollution damage?
Can you explain why two variables with a moderate or strong linear correlation does not prove causation by giving an example of two moderately or strongly correlated variables that do not have a causal link. This example can be purely be qualitative ..
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Studies indicate that the price elasticity of demand for cigarettes is about -0.4.If a pack of cigarettes currently costs $2.0 and the government wants to reduce smoking by 20%, by how much should it increase the price?
Suppose we start at a position where we are at full employment. Explain what effect a contractiory fiscal policy would have on the price level and real GDP starting from full employment equilibrium. What would the effect be if we had and expansionary..
An employee was suspended pending discharge for sleeping and loafing on the job. The employer offered to change the penalty to suspension without pay if the plantiff would sign a last chance agreement
Elucidate the price should you charge for a midsized automobile if you expect to maintain your record sales.
Explain the causes of recent recession and when it started and when it technically ended. Finally why the recent recession was called the worst recession after the great depression.
If a country wants to keep its exchange rate from changing, it must give up some control over its money supply. Is this statement true, false, or uncertain? Explain your answer.
Utilize your knowledge of supply/demand analysis and show graphically the impact of a government minimum wage of $6 hour with a market wage for unskilled workers of $7 hour with 1 million workers employed at the market wage.
How much can Jack consume this month, if he consumes his whole income from this month, and borrows against the whole income next month? Similarly, what is most that Jack can consume next month?
Many economists have attempted to create a set of social accounts that would come closer to measuring the economic well-being of the society than does GDP. What modifications of the current approach would you recommend to them
Illustrate what are the dividend payout ratios for each firm. What are the expected dividend growth rates for each firm.
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