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A coal fire plant that produces electricity emits sulfer dioxide, which causes Acid Rain, into the atmosphere. The market equilibrium price of electricity is $6 per kilowatt hour (kWh) and the market equilibrium quantity is 10 kWh. The external cost generated by the Acid Rain is $1/kWh of energy produced. a. What type of externality is occurring here? Using a graph, show how the free market fails at allocating the efficient quantity of kWh. Label the appropriate areas that show the efficiency/inefficiency of the market. Is the market over or under producing in this situation? Explain. (Estimate a new price and quantity)
Explain how the “incidence” (i.e. “Who pays the tax”) of a per-unit tax on transactions depends upon the slopes of the supply curve and the demand curve. You may utilize graphical analysis to explain your answer as well
Define power from an organizational behavior perspective. What is the difference between power and influence? What are the six forms of position power and the four forms of personal power? Briefly describe each form. What is leadership and how does i..
How will an increase in the savings rate affect the growth rate of per capita output in an endogenous growth model?
The government announces that it will privatize the main bank in the country through the stock exchange.
In what ways did society influence consumer's spending habits? Could consumers themselves have done anything to prevent from being caught in the debt trap? Why or why not?
Discuss using an example what are public goods and why does it lead to a free rider problem. Why is fishing in the ocean, where there are no well-defined property rights, a concern regarding our ability to ensure sustainable use of our fishing stock?..
Suppose that the price of jet fuel used by airlines has increased dramatically. As the CEO of Blue Sky Airlines (BSA), you have been presented with the following options to deal with this problem: Raise airfares to offset cost increases.
Use the midpoint method to compute your price elastcityof demand as the price of compact discs increases. Compute your income elasticity of demand as your income increases.
The development of Black Markets -The requirement of nonrefundable cleaning deposits. -Reductions in apartment quality. -An increased emphasis on informal connections in allocating apartments. -The requirement of nonrefundable key deposits. -An incre..
Why should an economist object to including overhead costs in CMA analysis? A clinic finds that it can reduce costs by eliminating appointments. The clinic is able to eliminate some telephone staff, and physicians become more productive. Patients wai..
Is there evidence that a party realignment is occurring in the United States? What is the organizational structure of political parties? What are some of the functions of parties in the electoral arena? How do both the electoral system and federalism..
The consumer is indifferent between B and a lottery ticket with probabilities. Construct a set of von Neumann - Morgenstern utility numbers for the four situations.
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