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Faced with the oil crisis of the mid-1970s, the U.S. Congress instituted Corporate Average Fuel Economy (CAFE) standards. These have been increased over time, most recently in 2010 for the 2012-2016 model years. (For detail on the CAFÉ standards, visit the Web site of the National Highway Traffic Safety Administration, www.nhtsa.dot. gov/fuel-economy.) These standards are aimed at increasing the fuel economy, or miles per gallon (MPG), of automobiles.
a. Briefly describe the expected environmental effect of increasing the MPG of automobiles, holding all else constant.
b. Serious criticism has been lodged against the CAFE standards because U.S. automakers res- ponded by using more plastics in automobiles (to make the cars lighter in weight) to meet the more restrictive CAFE standards. Explain how the use of this technology affects your answer to part (a). Are there any other relevant issues associated with this manufacturing decision?
Now.suppose the monopolist has a total cost curve given by TC+16+4Q2(fixed costs are at original level but variable costs changed). Find the monopolist's profit-maximizing quantity and price.How much economic profit does the monopolist earn d)Inte..
Economists sometimes say that protectionism is the "second-best" choice for dealing with any particular problem.
Under each method, how much lower is the standard of living in Mexico than in the United States? Does the choice of method make a difference?
The banking market in Athens, Ohio, currently has four banks with market shares of 60%, 20%, 15%, and 5%. The two smallest banks have proposed merging. Under the standard merger guidelines of the Federal Reserve and the Justice Department.
In this chapter, we showed that a monetary expansion in an economy operating under flexible exchange rates leads to an increase in output and a depreciation of the domestic currency.
Assume the market for Florida oranges is in equilibrium. Demand is represented by Qd = 60 - 2P Supply is represented by Qs = 10 + 3P where the quantity is in thousands of pounds.
Use the data to compute Marginal Cost (MC), Average Fixed Cost (AFC), Average Variable Cost (AVC) and Average Total Cost (ATC) as a function of the rate of output. a) Calculate the MC, AFC, AVC and ATC values
What is the overall significance of the regression? Which test do you use? And why?
Suppose it is known that 45% of the population are Coalition voters, 45% are ALP voters, and 10% vote for Greens.
The mean and standard deviation of the lacunarity measurements for a sample of 100 pixels randomly selected from a speci?c urban area are 225 and 20, respectively. It is known that the mean lacunarity measurement for all grassland pixels is 220. D..
Consider the same two firms as above with marginal costs 10 and 40, facing a demand p = 100 - q. a. Find the market price and quantities produced if firm 1 moved first, followed by firm 2 b. Find the market price and quantities produced if..
Do you agree or disagree with the statement that: "A monopolist always changes the highest possible price Why can't an individual from a firm raise it's price by reducing output or lower its price to increase sales volume in a purely competive mar..
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