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Two hundred paper mills compete in the paper market. The total cost of production (in dollars) for each mill is given by the formula TC = 500Qmill+ (Qmill)2 where Qmill indicates the mills annual production in thousands of tons. The marginal cost of production is MC = 500 + 2Qmill. The external cost of a mill’s production (in dollars) is given by the formula EC = 40Qmill+ (Qmill)2 and the marginal external cost of production is MEC = 40+ 2Qmill. Finally, annual market demand (in thousands of tons) is given by the formula Qd= 150,000 –100P where P is the price of paper per ton. Using algebra, find the competitive equilibrium price and quantity, as well as the efficient quantity. Calculate the magnitude of the deadweight loss resulting from the externality. Illustrate your solution with graphs.
What role did the wartime conferences involving Roosevelt, Churchill, and Stalin play in the coming of the Cold War? Analyze those conferences from the standpoint of American national interests.
Propose several current and future economic issues confronting and changing the healthcare system - analyze the significant implications of the issues in question for market efficiency of the healthcare system.
Suppose that a tax of $28 is levied on each item sold by a monopolist, and as a result, it decides to raise its price by exactly $28. Why might this decision be against its own best interest?
Econ 522 - Economics of Law - Fall 2015 - How much money will you choose to spend on fireworks, and how much on beer and
From the book “The New HR Analytics: Predicting the Economic Value of your Company's Human Capital Investment” what are 3 most important issues an organization should consider when developing and using HR metrics. Why is each so important?
Suppose that one firm is the only employer of a certain labor service (i.e., the firm is a monopsonist). Assume its MRPL is given by L= 11 w and the labor supply is L = W. What is the wage paid and the number of labor hours hired by the profit maximi..
Janice really likes potatoes. At best any other goods are worth less than a dollar to her, potatoes cost $1.10 per pound, and she has $5.00 that she could possibly spend on potatoes or other items. Suppose she feels that the first pound of potatoes i..
Why would Christians in the West be moved to embark on a dangerous journey to fight in the Holy Land after hearing Pope Urbans speech at Clermont?
Consider a firm with the following total variable costs (TVC). If the firm has already purchased the equipment, answer the following: (i) if the firm chooses to operate, what is its best possible output?
The Fed can reduce the money supply by,
1. To be able to complete budget reporting on time, how should accountants approach new project reporting in a manufacturing business?
In 1988 the US gross domestic product (GDP) increased to $4.90 trillion at year end, from the 1987 year end level of 4.54 trillion in actual escalated dollar values. In the same year, the consumer price index rose approximately 4%. What was the const..
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