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The inverse demand for leather is given by P = 50 - 0.5Q. The industry supply of leather is determined by its marginal cost: MC = 0.45Q. Unfortunately, the production of leather causes noxious chemical residue to leach into groundwater supplies. The external marginal cost caused by these residues grows with the amount of output, and is measured as EMC = 0.05Q.
a. Suppose that the government wishes to reduce the externality to efficient levels by imposing a restriction on quantity (a quota). What maximum level of output should it set for leather production? What price would prevail in the marketplace once this quota is in place?
b. Suppose that the government wishes to reduce the externality to efficient levels by levying a tax on leather production. How high would that tax need to be? What is the resulting net price paid by buyers once the tax is in place? How much leather is bought and sold with the tax in place?
a. Beatrice has calculated the fixed costs for the Really Annoying are $15,000 per month and each bicycle messenger receives $5.50 per delivery. Will profits go up or down as a result of the price cut? By How much?
A new president, who promised during the campaign that she would cut taxes, has just been elected. People trust that she will keep her promise, but expect that the tax cuts will be implemented only in the future.
Citgo Petroleum Corporation's frequent filler programs awards 2 free gallons of gasoline after the purchase of 10 gallons. A gallon costs $3.00. Given that information, evaluate the following statement: Citgo would have the same effect on demand by..
However, literature data suggested that they can be effectively destroyed at 393 K. What pressure is required to boil water at 393 K to clean the glassware? The heat of vaporization of water is 40.6 kJ/mol.
In discussion of business and society. Why is there a tendency to focus on large firms rather than small or medium-sized firms? Have the corporate ethics scandal of the past decade affected small- and medium-sized firm? If so, in what ways have th..
Assume that the supply curve for popcorn is determined by the following: Qs=12Pp. Assume further that today's price of nachos is $6 per serving and of candy is $4 per bag. Determine the equilibrium quantity exchanged and price of popcorn.
Pure Plastics Inc. manufacture molded plastic pieces. A sample of their raw material inventory is shown in the table below. How would the plant classify these items according to an ABC classification system.
office building maintenance plans call for the stripping, waxing and buffing of cereamic floor tiles. this work is contracted out to maintenance firms and both technology and labor requirements are very basic. qs=2p-20 and qd=80=2p algebraically
d Iris have Legos andcrayons. Zaley has 5 Legos and 5 crayons, Iris has 2 Legos and 8 crayons. Zaley's utility function for Legos andcrayons is uz(lz, cz) = lz · cz where lz and cz represent quantities of Legos and crayons.Iris' utility function is
part-1question 1nbsp following the general methodology used by econometricians as explained in the session for week 1
If 12 percent of thoes solar energy resources could be harnessed , how long would it take for an average 50 square meter solar array to fill up a car with the energu equivalent of 15 gallon thank of fasoline
A firm can manufacture a product according to the production function Q = 2(K)1/2(L)1/2 where K represents capital equipment and L is labor. The company has already spent $10,000 on the 4 units capital. a. Calculate the average product of labor
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