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1. If each adult angler in the United States would value a 20 percent reduction in toxins at the same rate as anglers in Wisconsin, what annual value would a nationwide 20 percent reduction provide to U.S. anglers?
2. Suppose that in order to decrease smog, the city in which you live is contemplating either (1) requiring everyone to ride a moped to work, or (2) providing each family with 10 gallons of gas per week, which can be bought and sold among families.
(a) Categorize each of these types of policy
(b) Explain which policy would be more efficient and why
Suppose that the price elasticity of demand for cigarettes is.46 in the short run and 1.89 in the long run, the income elasticity of demand for cigarettes is .50, the cross price elasticity of demand between cigarettes and alcohol is -.70.
By what percentage did the price level, as measured by this index, rise between 1984 and 2000? Use the two methods listed in Table 24.6 to determine real GDP for 1984 and 2000.
The inverse demand curves for each of the two groups are given below. The marginal cost (which equals the average variable cost) of serving an additional patron, either senior or everyone else, is equal to $4. Fixed costs are equal to $1000.
If the growth rate of real GDP were to continue at the same rate you have calculated, how many years would it take for real GDP to double Assume the population in 2009 was 100 and 200 in 2010. Calculate real GDP per capita in each of these years.
Holiday Fruit Company buys oranges and processes them into gift fruit baskets and fresh juice. The company grades the fruit it buys on a scale from 1 (lowest quality) to 5(highest quality).
Now suppose that the demand increases by 10 units at each price.fill in the new quanity demanded in table above5.determine the new equilibrium price and quanity 6.reproduce the graph tha u drew for question 4 and label oringinal demand and supply
Is the firm maximizing its economic profit? How do you know? What should the firm do to maximize profit? Should it increase or decrease output?
What are the implications of IPR enforcement in the South for output and welfare in the North?
Do you support the idea of globalising the Australian economy? Why. Why not? In writing your answer, wherever possible, back up your arguments with the theory, research articles or statistical evidence.
A local video store estimates their average customer's demand per year is Q = 20 - 4P, and knows the marginal cost of each rental is $1.00. How much should the store charge for an annual membership in order to extract consumer surplus
Name the three major components of a Web database application.
The marginal cost of preparing a large latte in a specialty coffee house is $1. The firm's market research reveals that the elasticity of demand for its large lattes is constant, with a value of about -1.3. If the firm wants to maximize profit fro..
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