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The market for paper in a particular region has the supply and demand curves: QD = 160,000 - 2,000P QS = 40,000 + 2,000P, where Q is measured in hundred-pound lots, and P is price per hundred-pound lot. There is currently no attempt to regulate the dumping of effluent into streams and rivers by the paper mills. As a result, dumping is widespread. The marginal external cost associated with the paper production is given by the expression: MEC = 0.0002Q.
a. Sketch a diagram showing the costs or benefits to society of allowing the market to operate in an unregulated fashion.
Wage rates tend to change with national rather than with industry productivity because:
What is a socially responsible effort? Social responsibility comes from the belief that people, governments, and organizations have a responsibility to the greater welfare of society
In an economy, the labour supply curve is S = 5Wa, where wa is the after-tax wage rate. Assume that the before-tax wage rate is fixed at 10. Derive an expression for tax revenues as a function of the tax rate. What is the elasticity of labour supply ..
The EZ Credit Company offers to loan a college student $6,200 for school expenses. Repayment of the loan will be in monthly instalments of $382.95 for 18 months. The total repayment of money is $6,893.10, which includes the original $6,200, $1,234.72..
What are the components of aggregate expenditure? In the model developed in this chapter, which components vary with changes in the level of real GDP? What determines the slope of the aggregate expenditure line?
Imagine that a "truth serum" existed that, when administered, would make everyone tell the pure, unedited truth in all situations. Discuss the pros and cons of such a product. (Are there times in which lying is necessary/acceptable? Or should it be a..
Explain how the members of the Board of Governors, members of the Federal Open Market Committee, and the directors of the 12 Federal Reserve Banks are selected. Describe and evaluate the role of banks in the implementation of monetary policy.
Suppose you deposit $5000 in currency into your checking account at a branch of Wells Fargo, which we will assume has no excess reserves at the time you make your deposit. Also assume that the required reserves ratio is 25 percent. Use a T-account ta..
Maximizing profit for an economist is:
Graphs are important, and not just for economics. They convey, relay, interpret, visualize, support and contradict, explain and explain away many of the things we come across in our daily lives both personally and professionally. Explain to us what e..
Do the relative salaries of humanities professors and football coaches at major state universities reflect the relative value of football and humanities? Do they reflect the number of years that professors and coaches must spend acquiring an educatio..
As France's revolutionary armies won victories across the European continent, what was the French government's policy toward the newly “liberated” lands? A It set up a system of military occupation and forced the peoples in those lands to become subj..
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