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Assume that an electric power plant could be built in the Upper Peninsula using wood as the fuel and would produce 578 megawatts of electricity. Assume that it would have an efficiency of converting wood energy into electricity of 0.26. Let's assume that wood has an energy content of 5.74 million BTU per ton. Assume that 4.5 tons of wood can be sustainably harvested from each acre of land per year. There are 640 acres per square mile, and the UP has 16,452 square miles. What percentage of the UP would be needed to supply this power plant?
The government dislikes smoking, and likes tax revenue. If they wanted to increase the after-tax price to $10 per pack, what size of excise tax must be placed on sellers? How much revenue will it raise? What will be the Deadweight Loss?
Draw a graph of the market for banana. What are the equilibrium price and quantity and calculate Rie's income elasticity of demand for beef. Show your calculation.
Define the factor that estimate the slope of the LM curve and whether an increase in theses factor will make the curve flatter or steeper.
The output effect of an increase in the wage comes about because higher wages:
What are the equilibrium rent and number of rooms? If the college puts a rent ceiling on rooms of $650 a month, what is the rent and how many rooms are rented?
Explain how China's price controls have changed consumer surplus, producer surplus, total surplus, and the deadweight loss in the markets for coal, petrol, and diesel.
Delineate which market participants you believe benefited from the final court decision and whose interests were harmed.
Margie has just attended the funeral of her son William, who died this week after several years of poor life quality in the same nursing facility. William's first stroke happened 3 years prior; two more strokes followed, and he lingered in poor he..
The Haas Corporation's executive vice president circulates the memo to the firm's top management in which he argues for reduction in price of firms product. He says such a price cut will raise the firms sales and profits.
South Korea is one of the major beef importing countries. With no international trade, Korea's equilibrium price for beef was $10 million per kilo tonne and equilibrium quantity was 30 kilo tonne.
Assume that the demand and supply curves for eggs for the United States are given through the following equations:
Consider a market characterized by the following inverse demand and supply functions: PX = 10 - 2QX and PX = 2 + 2QX?
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