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A paper company dumps non-degradable waste into a river that flows by the firm's plant. The firm estimates its production function to be: Q = 6KW, where Q = annual paper production measured in pounds, K = machine hours of capital, and W = gallons of polluted water dumped into the river per year. The marginal products of capital and labor are given as follows: MPK = 6W MPW = 6K. The firm currently faces no environmental regulation in dumping waste into the river. Without regulation, it costs the firm $7.50 per gallon dumped. The firm estimates a $30 per hour rental rate on capital. The operating budget for capital and wastewater is $300,000 per year. a. Determine the firm's optimal ratio of wastewater to capital. b. Given the firm's $300,000 budget, how much capital and wastewater should the firm employ? How much output will the firm produce? c. The state environmental protection agency plans to impose a $7.50 effluent fee for each gallon that is dumped. Assuming that the firm intends to maintain its pre-fee output, how much capital and wastewater should the firm employ? How much will the firm pay in effluent fees? What happens to the firm's cost as a result of the effluent fee?
A certain college graduate, Sallie Evans, has $24,000 in student - loan debt at the end of her college career. The interest rate on this debt is 0.75% per month. If monthly payments on this loan are $432.61, how many months will it take for Sallie to..
Pick a good or service and illustrate its market with supply and demand curves. Explain what each curve represents and tell what (specifically) would shift each of the curves. A properly-labeled diagram of the supply and demand curves.
What is the importance of the political ideology as a key determinant of government policy toward Foreign Direct Investment (FDI)?
Which of graphs below shows Y increasing at a decreasing rate. Which of following issues is related to microeconomics rather than macroeconomics.
Elucidate Illustrate what you can do, if the best technology was used to produce the components of the system.
Analyze and evaluate the impact of public policy on economic growth from an ethical and global position. Be sure to be specific as to which ethical posture you are taking. See this website for information on ethical postures.
An entrepreneur took a one-month leave of absence. Elucidate how many units did she have to sell To facilitate turn a profit
A company currently sells 60,000 units a month at $10 per unit. The marginal cost per unit is $6. The company is considering raising the price by 10% to $11. Your boss tells you that price cannot drop below $9 because you cannot earn enough profit t..
Suppose that Kiribati can produce 1000 tons of breadfruit or 500 tons of fish, and that Tuvalu can produce 750 tons of breadfruit or 1875 tons of fish. What is the opportunity cost of 1 unit of fish in Kiribati? Which country has a comparative advant..
An industry consists of a dominant firm with costs C(Qd) = Qd and 8 identical fringe firms, each with costs c(q) = 1 + q^2. Market demand is Q = 20 - p. What is the supply schedule for a fringe firm in the long run? Sketch the supply. (You would need..
Determine the total consumer surplus and the total producer surplus; Label these areas on your Graph.
The 2012 Human development Report reported that the HDI of South Africa was 0.629 (and its rank was 121) and that of the peru was 0.741( and its rank was77) in 2012 South Africa's GNI per capital ? In US dollars) was 7610 and that of Peru was 6060. C..
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