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A polluting firm's marginal benefit of releasing pollution is MB g = 100-2⋅g, where g is tons of air pollution released into the atmosphere and MBg is its marginal benefit from releasing pollution, in dollars per ton. The marginal external costs of its pollution are given by MEC g=100 +g, where MECs is the external costs to society, also in dollars per ton.
(a) If the firm chooses its pollution level ignoring the marginal external costs, how much pollution will there be?
(b) What is the socially optimal level of pollution?
(c) If you were to design a Pigouvian (unit) tax per unit of pollution emitted by the firm, in order to get it to reduce its pollution emissions, what would the magnitude of this tax be?
A market has a demand curve described by P=30-Q, a supply curve described by P=16+Q, and a price ceiling of 20. Calculate the Total Surplus of the market with the price ceiling
We are allocating space on the first civilian flight to the Moon. There are only n seats available and m > n people who would be interested in going. The seats will be allocated by sealed-bid auction in which the n highest bidders will win. Co..
What are your recommendations to the current administration considering the state of the economy and the level of national debt? What are the implications of your recommended course of action?
Why are barriers to entry essential for a monopoly to exist? Which of the following is NOT an example of a barrier to entry for monopolists? To charge different prices to different individuals or groups of individuals is called: An industry in which ..
problemyou are required to perform a project appraisal of a proposed new road. the road will be a dual lane by-pass
Is the demand for table salt elastic or inelastic? Why?
Calculate the change in welfare compared to the free market outcome (i.e., in the absence of minimum wages). Is this a welfare gain or a loss?
in 1970 lyle bought a hand calculator for 200. the calculator was more accurate in its four functions of addition
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The basic purpose of imposing legal reserve requirements on commercial banks is to: Assure the liquidity of commercial banks Provide a device through which the credit-creating activities of banks can be controlled Provide a proper ratio.
As a transit planner, your job is to predict ridership and total fare revenue. Suppose that short-run elasticity of demand for commuter rail (over a one-month period) is 0.60, and the long-run elasticity (over a two-year period) is 1.60.
Consider a market characterized by the following inverse demand and supply functions: PX = 50 - 4QX and PX = 10 + 2QX. Compute the surplus producers receive when a $30 per unit price floor is imposed on the market.
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