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Question 1:
Californian almond orchands are using approximately one million bee hives each spring to pollinate the almond trees. The U.S. demand for Californian almonds is described by p = 100 - 2q and the entire production is consumed domestically. The supply function of Californian almonds is characterized by p = 10 + q. However, in the recent years the problem of colony collapse disorder (CCD) has significantly increase the pollination cost. As a result the supply function of Californian almonds is now described by p = 20 + 3q.(a) Find what is the total willingness to pay in order to cure CCD.(b) A pharmaceutical company has developed a drug that, when sprayed over the bee hives,guarantees 100% that CCD will not appear. The cost of spraying one million bee hives is $600. Assuming the cost is to be paid now, while the benefits in the Californian almondsmarket from curing CCD will accrue after two years, should the U.S. government by thisdrug? Assume that r = 8%.
Question 2:
Assume that the society is trying to allocate 300 units of a depletable resource across twotime periods. The inverse demands for this resource over the two periods are given byP0= 160 - 0.5q0and P1= 170 -0.5q1. The marginal extraction cost for the resource isconstant over an entire period but it decreases between periods. More specifically, MC0= 20and MC1= 10. The discount rate is r = 0.5 (i.e., 50%).(a) What are the efficient quantities for each of the two periods? What are the correspondingprices and MUCs?(b) How will your answers in part (a) change if the available stock of this resource increasesto 800 units?
A. In 1996, many cows in Great Britain came down with "mad cow disease". As a result, the nations of European union banned the import of British beef.
Explain the most important characteristic in perfect competition, monopolistic competition, oligopoly, and monopolies and relate the characteristic to how these firms can make profits in the short run. In your analysis, make sure to relate an exa..
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
When the price fell from $29 to $19, how much did each consumer’s individual consumer surplus change? How does total consumer surplus change?
Explain the median housing price in a community
Please refer to Citizen Gas Company PDF for case study and questions. The case study belongs to Economics. Citizen Gas Company is a medium sized company with customers from residential, commercial and industrial sectors.
For each of the following situations, decide whether the bundle Lakshani is thinking about consuming is optimal or not. If it is not optimal, how could Lakshani improve her overall level of utility
Solve the partial derivative
Would you consider the demand for eggs to be elastic or inelastic and illustrate and explain with a diagram how can the Government intervene and correct this situation
Are people helped more if production results in a loss than if it leads to profit? Is there a conflict between production for people and production for profit?
question 1 evaluate the mu of x nbspin the following utility functions at x10nbspquestion 2.suppose you obtain utility
Qd=160,000-2000P Qs = 40,000+2000P MEC=.0006Qs. Qd is the quantity lots of paper Qs is the quantity supplied and P is the price per lot of paper.
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