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The Pristine River has two polluting firms on its banks. Acme Industrial and Creative Chemicals each dump 100 tons of glop into the river each year. The cost of reducing glop emissions per ton equals $75 for Acme and $225 for Creative. The local government wants to reduce OVERALL pollution from 200 tons down to 100 tons.
A) Typically, the government would not know the cost of pollution reduction for each firm. If the government decided to reach its overall goal by imposing IDENTICAL pollution reductions on the firms, calculate the reduction made by each firm, the cost of pollution reduction to each firm, and the total cost of pollution reduction to the firms together.
B) Now suppose the government no longer requires each firm to reduce pollution, but instead requires each firm to acquire pollution permits if it wants to pollute. If the current price of permits is $150 per ton, calculate the pollution reduction made by each firm, the cost of pollution reduction to each firm, and the total cost of pollution reduction. Is this an efficient method of pollution reduction? Explain.
The marginal product of any input in the production process is the increase in the quantity of output produced from one additional unit of that input. As a manager, what are some practical things you could do to raise marginal product per employee th..
Forecasters predictions of inflation are notoriously inaccurate, so their expectations of inflation cannot be rational.
q1. calculate the range of marginal revenues on the vertical portion of the mr curves at the level of output where a
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Prove that the firm has decreasing returns to scale. Theresa received an order for 5000 units. Find the optimal K/L ratio, as a function of w/r. Next, assuming w = $20 and r = .10, solve for Ki*, Li*, and qi*. Then draw a graph, showing the isoquant ..
What is the typical cause of positive serial correlation in business data?
If the price of soda is $1 every can, Elucidate how many sodas will the consumer purchase in a typical month.
Assuming oranges operate in a perfectly competitive market, use a well-labeled demand and supply model to explain how market equilibrium price of oranges is determined.
A manufacturing company leases a machine for $31,000 per year. Each unit produced costs $36 in labor and $65 in materials. To break even, 21,000 units must be sold. What is the price of the product?
Why do you suppose that employment growth is about 20 percent greater in unlicensed occupations than in licensed occupations? What do you suppose a typical state government does with the millions of dollars of occupational license fees it receives ea..
Identify and explain the incentives for entrepreneurship. Address why someone would willingly take the numerous risks associated with running a business. Also, discuss the major attributes necessary for a successful entrepreneur
A manufacturing firm has received a contract to assemble 1000 units of test equipment in the next year. The firm must decide how to organize its assembly operation. Skilled workers, at $33 per hour each, can individually assemble the test equipment i..
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