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Assume that there are two power generating plants that emit SO2 (sulphur dioxide). In the absence of regulation they each emit 10 tons of pollution per month. They can abate these emissions at a cost. For Plant A marginal abatement costs per ton are $3,000 + 100Q and for Plant B marginal abatement costs per ton are $4000 + 100Q, where in each case Q is the number of tons abated. Suppose that the regulator determines that total emissions should be no more than 10 tons and issues 5 tradable pollution permits to each firm, where a permit permits the emission of one ton of SO2. Determine how the two plants will trade their pollution permits.
The impact of changing from a federal income tax to a federal consumption tax would be:
For each of the following events, state whether the aggregate demand curve would increase, decrease, or stay the same.
Briefly accounting describe two limitations of national income. On the basis of these data calculate GDP, GNP, NDP, NI, PI, and disposable personal income.
Explain and discuss the mechanisms by which this has occurred, and contrast our experience with: a) the recent performance of many NICs (newly-industrializing-countries) in the last few decades
Evaluate the following: The laws of supply and demand cannot apply to the labor market because labor is not a commodity to be bought and sold like machines.
What price should DD set to maximize profits? What would output be if DD acted like a perfect competitor and set P = MC?
Calculate the price elasticity of demand for the product below using average values for the prices and quantities in your formula.
When the Bank of Canada sells the government bonds to a commercial bank, the commercial bank experiences a decline in reserves and in increase in bonds. Total assets are unchanged; this is just a portfolio switch between bonds and cash.
Explain International Monetary System
Suppose that natural real GDP is constant. For every 1 percent increase in the rate of inflation above its expected level, firms are willing to increase real GDP by 2 percent.
Assume that the nominal wage rate equals 60. In the short-run, aggregate demand and aggregate supply are equal at a price level of 1.0.
Explain how advertising can be employed to allow Tots-R-Us to keep price average above cost without encouraging entry.
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