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suppose that in a competitive market for electric power, demanded for power is given by the equation P=600-Q, and supply is given by the equation P=160+Q where P is price and Q is quantity of some good or service. Production of each unit of output Q leads to a marginal external cost of $50, caused by pollutants emitted by the production of Q. If we add this marginal external cost to the market information, the equation for the social cost supply cure is given by P=210+Q
a) compute the unregulated market level of output and price as well as the socially efficient level. By how much does the market output exceed the socially efficient output, and by how much is the market price below the socially efficient price?
b) compute the monetary valueof the deadweight social loss from the market failure that occurs if society lets firms to continue to produce negative externalities without regulation
c) Suppose a tax per unit output (per unit tax) is impose on the production of Q with the intent of making equal the market level of output and the socially efficient level. How high should that per unit tax be?
d) what is the gain in net social benefits that results from this per unit tax?
data collected in the imaginary economy of karabekiar reveals that when price of bork increased by 20%, the quantity of bork sold decreased by 15%.
Do a market analysis for the product. Each group may carry out some desk research and fieldwork and do a write up on the following details of a product your group have chosen.
Assuming there is no change in demand or the firms cost curves, explain what will happen in the long run to the price of fertilizer, marginal cost, average total cost, quantity supplied by each firm, and the total quantity supplied to the market.
Johnson Filtration, Inc. provides maintenance service for water-filtration systems. Data that follow show the repair time in hours, the months since last service, the repair type and the repair person for a sample of 10 maintenance service calls.
Consider the market for fresh produce in Snowland. Fresh produce is produced expensively in hothouses in Snowland.
Select any low income country (or countries) on which you can find data on the following (a web search should yield you the required information)
what are the implications for economic growth and development for these nations.
Derive the equation for the IS curve, derive the equation for the LM curve, explain why each of the following statements is true. Discuss the impact of monetary and fiscal policy in each of these special cases.
Suppose that a firm that is expanding its output has a very large total fixed or sunk cost. What will happen to its average total cost as it expands output Can you think of any firms or industries in which this is likely to happen
Determine which is true of leakages and injections in the circular flow, the consumer price index measures changes in
1 currently the yield on the 10 year treasury note isnbsp 184 basis points 1.84 above the yield on the 2 year treasury
this chapter argued that saving and spending behavior depended in part on wealth accumulated savings and inheritancebut
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