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Acid rain pollution is produced from two sources, a power plant and a smelter. Studies show that the marginal cost of reducing acid pollution at the power plant is given by the function MC 1 ( A 1 ) = 10 + A1 where A 1 is the units of acid rain reduction (or "abatement") at the power plant; and the marginal cost at the smelter is MC 2 ( A 2 ) = 20 + A 2 . Suppose that the initial level of pollution was 120 units, but the government has limited pollution to 70 units by selling pollution permits to the two polluters - so that the total amount of abatement is 50 units.
Calculate the total demand for permits to pollute at any permit price p per unit of acid rain. If the permit market is competitive, what is the equilibrium price of a permit? How many permits are bought by the power plant, and how many by the smelter? Draw a graph illustrating your answer.
where Y is national income, AE is desired aggregate expenditure, P is the price level, AS is the aggregate supply. National income is in billions of dollars.
If you anticipate that the inflation rate is going to rise from three percent to 10 percent next year, you should?
Which of the following would be EXCLUDED from 2006 GDP? (a) the sale in 2008 of the 2008 farm crop (b) the sale in 2008 of a factory built in 1995 (c) the construction of a factory in 2006 (d) none of the above.
Mary Williams, owner of Williams Products, is evaluating whether to introduce a new product line. After thinking through the production process and the costs of raw materials and new equipment. Williams estimates the variable costs of each unit produ..
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(a) What is the probability that a person coming to the shore already owns a car? (b) What is the probability that a car will be sold to a person who already h
Prides herself in getting her assignments graded and back to the students in a timely manner. However, she just briefly glances at papers
The owner of a profitable coffee chain in Singapore is exploring opportunity to grow its sales in the increasingly affluent China market. You have been hired as a consultant to advise the firm on its international market entry strategy. Identify the ..
Find the consumers’ surplus at a price level of p = $15 for the price demand equation p = D(x) = (7500 - 30x)/(300-x). Graph the price demand equation and the price level equation p = $15. What region represents the consumers’ surplus?
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Assume that US oil exporters can invoice their sales in USD. Does this mean they are shielded from exchange rate movements?
According to the rule of 72, if a nation’s per capita real income persistently grows at a rate of 3 percent per year, in how many years will its level of per capita real income double? What about if the persistent rate of growth is 4 percent?
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