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Question: The demand (MB) for a good is given by P= 20-Q. The private marginal cost is given by PMC= 6+Q, and the marginal damage function is given by MD = 2+Q.
Note: the optimal tax is the difference in price between the private marginal cost and the social marginal cost at the socially optimal quantity, NOT at the private optimal quantity.
Find the social marginal cost curve.
Find the optimal tax rate that can induce producers to reduce output to social optimal level.
Calculate the gain (damage avoided), loss (loss of producer + consumer surplus caused by less output) and net gain (avoided DWL caused by pollution) of the tax.
Make a table representing the market demand, and a 2nd table representing the market supply. Use this information to find market equilibrium price and quantity
In the short run, capital (studios, gear) is fixed at a level of 100. What is the fixed cost? What is the variable cost as a function of output
Joe and Rebecca are small-town ready-mix concrete duopolists. The market demand functionis Qd = 10,000 - 100P, where P is the price of a cubic yard of concrete and Qd is the numberof cubic yards demanded per year. Marginal cost is $25 per cubic..
Suppose that firms in Boversia gain confidence in economy, so domestic investment rises for any given interest rate. What happens to output and the real exchange rate when the Boversian central bank holds the real interest rate constant?
Wade and Marti are thinking about swapping services. If Wade works one hour he can type two pages of a report or clean and gap four spark plugs. Marti, working.
An investor bought a one-acre lot on the outskirts of a city for $9000 cash. Each year she paid $80 of property taxes. At the end of 4 years.
A monopoly firm is different from a competitive firm in that: there are many substitutes for a monopolist's product while there are no substitutes for a competitive firm's product. a monopolist's demand curve is perfectly inelastic while a competiti..
Write out the formulas for the bias, variance and mean squared error of β 1 . How do the bias, variance and mean squared error depend on the values of µ , σ 2 and n ?
Clay Travel, Inc. routinely funds its checking account to cover all checks when written. A thorough analysis of its checking account discloses that the firm could maintain an average account balance that is 25% below the current level and adequately ..
Illustrate and fully describe using an example of relevant cost (a cost whose value does affect the optimal decision) and an example of irrelevant cost (a cost whose value does not affect the optimal decision) to the business regarding this decisi..
The United States Postal Services maintains a monopoly on mail delivery in part through its exclusive right to access customer mailboxes.
In American negligence cases, if the plaintiff is successful, the plaintiff's attorney receives a contingency fee, i.e. a percentage of the damages awarded.
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