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Now suppose instead of consuming pizza, Ann and Bob are choosing how much clean air to consume. Again suppose Ann’s marginal benefit (valued in dollars) is
MBA(Q) = 8 − Q,
while Bob’s is also MBB(Q) = 8 − Q.
a) What will be the aggregate demand for clean air?
b) Suppose the constant marginal cost of clean air is $6, if Ann and Bob individually choose how much clean air to have, how much clean air will be consumed?
c) What is the socially optimal amount of clean air? Show the individual and aggregate demand curves for air, as well as the socially optimal amount of clean air on a graph.
"When in Rome, do as the Romans do". Would this be a suitable guideline for MNC's (multinational corporations) doing business in developing countries with respect to ethical practices and social responsibility? Discuss.
The nation with the lowest opportunity cost of producing a good has a?
Explain how are the gains from trade shared among the parties to a trade. Is it possible for specialization and trade to increase total output of traded goods.
Sales are 3,100 at a price of $200 and 2,400 at a price of $300. Calculate the price of elasticities of demand using $200 as the base value; then use $300 as the base value. Calculate the arc price elasticity and compare the three calculations. How d..
Compare these results to those predicted by the equilibrium business cycle model developed by Barro throughout the text.
Would you advocate monetary restraint or stimulus for today's economy
Discuss how each of the 4 factors contributed to the elasticity of the good.
Discuss whether or not oligopolies are always bad for society, using examples from the industries you described.
Estimated regression equation for which quantifies the demand for Widget
Decreasing returns to scale occurs when a firm has to increase all inputs at an increasing rate to maintain a constant rate of increase in its output.
The LoJack car recovery system allows the police to track stolen cars. As a result, they not only recover 90 percent of LoJack-equipped cars that are stolen but also arrest many auto thieves and shut down many "Chop shops" that take apart stolen vehi..
Decreasing returns to scale imply that. When average cost is falling, marginal cost is ____________ and when average cost is rising, marginal cost is _________________. If the price of an input changes, there will be a new expansion path. As long a..
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