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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:What two policies could you use to reduce the total amount of emissions?Why do you think they each would work?What would the benefits of each action be (besides emissions reduction)?What would the costs of each action be?How would you decide what was the best level of emission reduction?
Suppose that population standard deviation is 0.56 (instead of 0.45), without doing calculations explain whether a 95% condence interval for the population mean would be wider than, narrower than, or the same widt
George has been selling 5,000 T-shirts per month for $8.50. When he increased the price to $9.50 he sold only 4,000 T-shirts. What is the demand elasticity? If his marginal cost is $4 per shirt, what is his desired markup and what is his initial a..
Suppose the market shares of the six largest firms in the industry are 12 percent each. Compute the six-firm concentration ratio and Herfindahl-Hirschman index for this industry.
Emil Flores won't buy any coffee except "Blue Mountain"--a relatively expensive type that few stores sell. He used to have to drive about 10 miles out of his way to buy it at a small shop--but now he has persuaded his local supermarket manager to ..
A purely competitive firm finds that the market price for its product is $25.00. It has a fixed cost of $100.00 and a variable cost of $17.50 per unit for the first 50 units and then $30.00 per unit for all successive units. Does price exceed aver..
Explain how, with trade, Nebraska can end up with 40 million bushels of wheat and 120 million bushels of corn while Iowa can end up with 40 million bushels of corn and 120 million bushels of wheat.
Calculate total cost and average total costs if demand is 450 per month and what happens to average total costs (ATC) when your production goes up from 250 to 450?
Discuss why will voluntary actions, undertaken at individual level, be unlikely to bring about significant decrease in greenhouse gases such as CO(2)?
The maintenance cost for both models is $100 per hour. The variable operating cost is $346 per hour for Model A and $290 per hour for Model B. Due to obsolete parts, there is a sunk cost of $2700 for model A and $1900 for Model B.
A firm that emerges as the only seller in an industry with economies of scale is a(n): The profit maximizing rule MR = MC applies to: Suppose that the total cost curve for a firm is given by the equation TC = a + bQ, where 'a' and 'b' are positive nu..
What price would Soft Rock have to charge to sell 2,000 T shirts? Compute the own price elasticity of demand when the price goes from $5 to $4.
Explain how a company that is competing in a purely (or perfectly) competitive market should increase its competitive stance in the marketplace. Provide specific examples.
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