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The cost of pollution emanating from the chemical industry (in billions of dollars) is
CP = 3 P + 3 P2
where P is the quantity of pollutants emitted (in thousands of tons). The cost of pollution control (in billions of dollars) is
CC = 7-5 P
a. What is the optimal effluent fee?
b. If the cost of pollution control falls by $1 billion at each level of pollution, does this alter your answer to part (a)?
Minimum wage legislation requires most firms to pay workers no less than the legislated minimum wage per hour. Using marginal productivity theory, explain how a change in minimum wage affects the employment of unskilled labor?
Integrating Problem From the following figure referring to a natural monopolist, indicate(a) the best level of output, price, and profits per unit and in total for the monopolist,(b) the best level of output and price with a lump sum tax that would ..
In the model of a dominant firm, assume that the fringe supply curve is given by Q= -1 + 0.2P, where P is market price and Q is output. Demand is given by Q = 11-P.
The impact of Alfred Marshall on economics has been profound; write a short biography (1 page) with sources that outlines his contributions to the field.
How does knowledge of value elasticity between different groups of consumers or for several products enable managers to price discriminate, change different prices for these groups?
Discuss the meaning of the regression coefficient of the independent variable(s) and how it could be used to estimate the elasticities of each of these variables. Discuss how managers use the elasticities measurements to make managerial decisions.
You're the manager of monopoly. A typical consumer's inverse demand function for your firm's product is P=100-2Q and your cost function is C(Q)=20Q. Find out the optimal two part pricing strategy.
Estimate the demand function
Evaluate the money multiplier? The central bank decides to increase the money supply (M1) by $200 million through an open market operation. How much should it buy in bonds?
suppose a women marries her butler. after they are married, her husband continues to wait on her as before, and she conitues to support him as before ( but as husband rather than as an employee). how does the marriage affect GDP
Suppose A and B choose the amount they spend on the school independently. What is the Nash equilibrium level of the school's quality in Little Society?
The demand for energy in the United States is often described as persistently non-cyclical and not sensitive to prices effects. Describe the effect of each of the following on the demand or supply for gasoline.
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