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Consider the diagram below, which depicts the external marginal cost of pollution by each ton of sulfur dioxide emitted by power plants, and the marginal abatement cost of eliminating that pollution.
a. Explain why the marginal abatement cost (or marginal benefit of pollution) curve slopes downward.
b. Find the efficient level of pollution and indicate it on your graph.
c. Firms, which care little about the damage imposed on people hundreds or thousands of miles away, have little incentive to produce the optimal amount of pollution on their own. Explain how, if regulators tax the producer $400 for each ton of pollutant emitted, power producers will have an incentive to cut emissions to exactly the socially optimal level.
d. Explain why a tax of $600 for each ton of pollutant emitted is too high a tax, and $200 per ton is too low a tax.
If the optimal club size is between 4 and 5, what is the smallest population beyond which eminency is always achieved? What if the optimal size is between 3 and 4?
What is the annual equivalent value of a geometrically increasing series of payments which has first-year base of $30,000 increasing by 8% per year for 10 years with an interest rate of 12% compounded monthly
a) If the market cannot be segmented, what is the uniform monopoly price b) If the night club can charge according to whether or not the customer is a student but is limited to linear pricing
What's your reaction to the finance manager's pessimism? What about the market manager's optimism? What implications does this have for Rob and the company?
Where Qx is the quantity demanded of Product X, Px is the price of X, Y is income, and r is the prime interest rate (given in decimals, e.g., 0.02 or 0.05) The standard error of each estimated coefficient is given in parentheses below it. Also, th..
Suppose the stock of capital and the workforce are both increasing at 3 percent annually in the country of Wholand. At the same time, real output is growing at 6 percent. How is that possible in the short run and in the long run
During 2006 a leading auto manufacturer produced 20 million of minivans. However due to soaring gas prices the sale of mini vans becomes sluggish and by the end of 2006 only 16 million of mini vans are sold. what is the gdp of mini vans is
Determine the amount of consumer surplus, producer surplus and net social welfare generated in this market. Evaluate how your answer for Consumer Surplus in part B would change if QD =11000 - 500P instead?
Income is 90 and savings is 2. Then income increases to 100 and consumption is 97. What will the marginal propensity to consume be?
Consider the following cost equation: Total Cost (TC) = 160Q -10Q2 + 1.2Q3. What is Total Cost when the Quantity is 20?
Given a numeric production schedule, you will calculate profit and make decisions about short-run profitability to answer questions relating to your calculations. Jerry's Lock Shop is a perfectly competitive firm, and Jerry is operating at his lev..
What are the competing merits of revaluing the GDP of other countries through the market foreign exchange rate, and purchasing power parity?
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