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Americans are known for their long-term love affair with their cars. But as gasoline prices soar and concern about the environment mounts, the need to conserve gasoline has become increasingly clear. What would it take to reduce the overall demand for gasoline in the United States? Consider the full range of possibilities from the availability of bike paths to the cost of car insurance. Develop a conservation strategy that you think could reduce overall demand for gasoline in your community. Who (if anyone) should implement it? Why? Do you think it would succeed long term?
If government industry regulators underestimate the degree of competition in an industry are they likely to over-regulate the industry? Explain.
If it had doubled its land as well as labor, production would have been 325000 bushels. Does it have increasing, decreasing or constant returns to scale.
Carbon tax: Suppose the government imposes a carbon tax on oil production. Will this affect the supply or the demand for gasoline? Why? Which determinant of demand or supply is being affected? Show graphically with before and after curves on the same..
Supposed a proposed public policy could result in three possible outcomes: If the probability of each outcome is, respectively, 0.85, 0.10, and 0.05, should the policy be pursued or not? Explain.
A firm has demand function Q=10 -P. The firm has constant long run average costs of production equal to $4. The firm must sell each unt of output for the same price per unit, and the firm must produce and sell an integer amout of output. Calculate pr..
q1. the project management role has several responsibilities in the area of scope. which of the following represent
Conclude cost elasticity of demand at each quantity demanded utilizing formula % chg in QD divided by % chg in cost.
Suppose that a store will sell 2000 boxes of bananas a week at a price of $12 per box. If the store raises its prices to $15 per box, it will sell 1500 boxes. What is the elasticity using the original formula? What is the elasticity using the midpoin..
In Akerlof’s lemons problem, with symmetric information, suppose that 5 cars are available in equal quantity and with quality levels 0, 1, 2, 3, and 4. Suppose the sellers have a reservation price of $2,000 per unit of quality, and the buyers value c..
The demand for labor by a monopsonist is given by W^d=17-L. The inverse supply curve of labor is given by W^s=2+2L. 1. Find the corresponding total cost and marginal cost functions of this monopsonist. Assume that labor is the only input.
How much of each good does Alice buy as well as how much does she work.
What is the monopolist's profit under the following conditions? The profit-maximizing price charged for goods produced is $12. The intersection of the marginal revenue and marginal cost curves occurs where output is 10 units, marginal cost is $8, and..
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