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In Paris, hundreds of small bakeries produce bread for sale to their customers at a marginal cost of MC = 2 + 0.1Q. The inverse demand for bread is given by P = 10 - 0.1Q, where P is in euros per loaf and Q is loaves per hour. The baking of bread also creates a positive externality: There is nothing quite like the smell of fresh-baked bread. Tourists and residents receive external marginal benefits given by EMB = 2 - 0.02Q.
a. Find the quantity of bread produced in Paris in the absence of any government intervention.
b. To achieve the socially optimal output, government can use a price-based intervention. Determine the ideal measure for government to use to achieve this goal. Specify both the type of policy and its magnitude.
A future amount of $150,000 is to be accumulated through annual payments, A, over 20 years. The last payment of A occurs simultaneously with the future amount at EOY 20. If the interest rate is 9% per year, What is the value of A?
US and Canada can both grow wheat and can do mining. Use the following table to look for which country has a comparative advantage in mining. (Hint: Find the Absolute Absolute Cost in US Cost in Canada Wheat $5 C$8 Mining $10 C$12 c..
why do nations not just eliminate their trade barriers, and not bother with international trade negotiations?
Assume that the market equilibrium rent for two-bedroom apartments in Santa Monica, California is $1500 per month and the quantity is 40,000 units. The city council of Santa Monica establishes a rent control of $1200 per month on two-bedroom apart..
The St. Thomas Winery plans to open a new production facility in the Napa Valley of California. Based on information provided by the accounting department, the company estimates fixed costs of $250,000 per year
How large a market shortage would exist if government set a price ceiling of $1 per gallon?
Can you offer an explanation for what seems to be an improved trade-off between inflation and unemployment? What factors might improve the trade-off? What factors might make it worse?
What does it take to effectively use all media now, whether separately or just as part of being connected? In other words, what is the difference between media fluency and media literacy?
A discounted yield to maturity of 4.00 percent is widely expected to prevail at the auction. However, the bank for which you are working will regard the bills as a good investment only if it can obtain a discounted holding period yield of at least..
Supposing that the majority of rice eaters are workers who live in cities, while rice is grown by many small farmers living in the countryside. Describe the likely effects of this policy on urban and rural well-being, and on well-being overall.
Suppose that the price of cola falls to $1.50 a can and the price of popcorn and Sara's budget remain unchanged. What quantities of popcorn and cola does Sara buy now? What are two points on Sara's demand curve for cola?
The demand function for Einstein Bagels has been estimated as follows: Qx = -15.87 - 40.73Px + 84.17Py + 0.55Ax where Qx represents thousands of bagels; Px is the price per bagel; Py is the average price per bagel of other brands of bagels
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