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Question - You are a regulator in charge of setting prices for GAZCO, the local natural gas utility. In providing gas to its customers GAZCO has two types of most, a fixed cost of building and maintaining its distribution pipes, and a marginal cost of purchasing gas on the open market. For the current year, the fixed costs are $100 million and the marginal costs are $5 per metric cubic foot (mcf) of gas.
There are 1 million customers in the GAZCO system. The demand from each customer is expected to be
qcustomer = 25 - P
where p is the per-mcf regulated price of natural gas charged by GAZCO.
1. Your buss, who has a degree from UCLA, tells you to just set prices equal to average cost. He calculates that this price is $ 15/mcf of gas. Show that this will clear the market at a price equal to average cost.
2. What would he the deadweight loss at this price?
There are three alternative plans that indicate the benefits and costs associated with the construction of a Manitoba hazardous waste facility
There are three alternative plans that indicate the benefits and costs associated with the construction of a Manitoba hazardous waste facility (see table on next page).
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