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Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases and particulates emitted by and local power plant, answer the following questions:
1. What 1 policy could you use to reduce the total amount of emissions?
2. Why do you think the policy would reduce the total amount of emissions?
3. What would be the benefits of each action (besides emissions reduction)?
4. What would be the costs of each action?
5. How would you decide what was the best level of emission reduction?
Suppose XYZ can sell up to 40 units of output per hour at a price of $.60 per unit but cannot even get a penny for units produced in excess of 40 units per hour. How much output should XYZ produce each hour in order to maximize profits?
Which outcomes are Pareto efficient
Suppose that rather than the declining demand assumed in Example 2.7, a decrease in the cost of copper production causes the supply curve to shift to the right by 40 percent. How will the price of copper change?
the industrial revolution which began in the eighteenth century has had an ongoing influence on society as well as the
What is the level of saving and consumption in the U.S. today? As a consumer should you be saving or consuming? Is this something the government should try and influence?
Explain the nature of the externality problem in this scenario.
suppose we observe that the consumption of peanut butter increases at the same time its pricerises. what must have
what is the relationship between the price of crude oil and the price you pay at the pump for gasoline? the file oil
The systolic blood pressure of females in their 20s is normally distributed with a mean of 120 with a standard deviation of 9. What is the probability of finding a female with a blood pressure of less than 100? More than 135 between 105 and 123?
A monopolist faces a demand curve given by the following equation: P = $500 − 10Q, where Q equals quantity sold per day.Assume that the firm faces no fixed cost.
Which of the following events would most probable cause the nominal interest rate to fall? Which period in U.S. economic history was not characterized with inflation? If the aggregate supply curve shifts leftward, Gauged unemployment includes discour..
what do you mean by a social welfare function? if you assume that such a function exists what properties of social
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