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1. The owner of a tropical forest harvests timber so as to maximize his own profit from the land. This forested land also provides habitat for wild beehives that pollinate the crops of surrounding farmers. Assume that the number of bees and therefore the magnitude of the pollination services provided are proportional to the size of the intact forest habitat on the landowner's property. In the absence of an agreement between the landowner and his neighbors, is he likely to harvest too much or too little of his timber at any given time?
Characterize this as an example of a positive or a negative externality.
2. The efficient level of a negative externality is always a positive amount (circle one: True/False). Briefly explain your answer.
3. Examine the graph of marginal benefits and costs of abatement below. Suppose regulators expect these curves to be as shown but are uncertain as to whether or not the marginal costs of abatement curve will be higher or lower than depicted. If regulators must choose between an emissions tax or tradable quotas, which would be preferred from the perspective of efficiency, given the uncertainty in costs of abatement? Explain in a short paragraph and illustrate on this graph.
Describe the opportunities that might be available through better use of information technology (IT) in the U.S. health care system. What might explain the system's failure to better capitalize on these opportunities
Consider two firms X and Y that produce identically tasting cold drinks. In order to raise the demand for its cold drink, firm X raise its advertisement outlay.
Fall proportionately more than the change in GDP, Fall proportionately less than the change in GDP, Rise proportionately more than the change in GDP
Suppose you are the marketing manager of a company. Why you would be interested to know whether the good that your company is producing has an elastic or inelastic demand curve in the market
In equilibrium, if the marginal utility per dollar ratio of milk for Aisha is greater than the marginal utility per dollar ratio of milk for Debbie, then the marginal utility per dollar ratio of bread for Aisha must be smaller than the marginal ut..
1.the following table reports the consumer price index for the los angeles area on a monthly basis from january 1998 to
Are Lay's Potato Chips a normal or inferior good and Doritos a substitute or complement for Lay's, the marginal cost of producing a bag of Lay=s is 60 cents. How much should you charge per bag?
analysing a drilling decision using an interactive model.open interactive model. there you will see a tree similar to
Each car manufacturer undertakes dynamic advertising campaigns seeking to persuade prospective buyers of the superior quality and better style of his cars and reacts very quickly to claims of superiority by his rivals.
The firms and workers in Alpha form expectations adaptively. The firms and workers in Omega form expectations rationally. Their otherwise identical economies are initially in equilibrium at the natural level of output with 10 percent inflation.
Why is the government so quick to regulate monopolies and potential monopolies? What are the major concerns and evils that arise from this market structure?
your company bright paints is one of a dozen companies manufacturing a special reflective paint used for traffic signs.
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