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A study finds that leaf blowers make too much noise, so the government imposes a $10 tax on the sale of every unit to correct for the social cost of the noise pollution. The tax completely internalizes the externality. Before the corrective tax, Blown Away Manufacturing regularly sold blowers for $100. After the tax is in place, the consumer price for leaf blowers rises to $105. a. Describe the impact of the tax on the number of leaf blowers sold. b. What is the socially optimal price to the consumer? c. What is the private market price? d. What net price is Blown Away receiving after it pays the tax?
Set up an Edgeworth Box to depict this situation and elucidate why the situation is unlikely to be Pareto efficient.
During the Self-Determination Period, Federal agencies have:
Suppose the economy's production function is Y = A(300N – N^2). The marginal product of labor is MPN = A(300 - 2N). Suppose that A = 10. The supply of labor is NS = 0.05w + 0.005G. If G is 26,000, what are the real wage, employment, and output?
Illustrate what do economists mean when they say that private goods tend to be produced in the right amounts.
What is the difference between "aggregation" and a "representative agent?" I'm sorry if I'm not entirely clear on this question, but that's why I ask. It seems to me as if a representative agent is defined as a situation in which a competitive equili..
A flood control project with a life of 15 years will require an investment of $250,000 and annual maintenance costs of $20,000. The project will provide no benefits for the first two years but will save $60,000 per year in flood damage starting in th..
The manager of a canned food processing plant is trying to decide between two labelingmachines. Determine which should be selected on the basis of rate of return with a MARR of 20%per year.
If you were a manager in a tobacco company, analyze the elasticity of demand for tobacco products. Evaluate the factors involved in making decisions about pricing tobacco.
Report on an article from the Economist, identifying a market failure, defending or critiquing existing policies meant to deal with the market failure, and suggesting possible policy improvements using economic language and analytical tools
Why is the U.S. GDP so much higher than that of Mexico? Would the same reasons apply when we compare the U.S. GDP to Canada's GDP?
The optimal capital structure is the mix of debt, equity, and preferred stock that minimizes the company's cost of preferred stock.
Include the circumstances of the proposed monopoly and the reason the government stepped in. Predict what would have occurred had the monopoly succeeded.
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