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suppose that in a competitive market for electric power, demanded for power is given by the equation P=600-Q, and supply is given by the equation P=160+Q where P is price and Q is quantity of some good or service. Production of each unit of output Q leads to a marginal external cost of $50, caused by pollutants emitted by the production of Q. If we add this marginal external cost to the market information, the equation for the social cost supply cure is given by P=210+Q
a) compute the unregulated market level of output and price as well as the socially efficient level. By how much does the market output exceed the socially efficient output, and by how much is the market price below the socially efficient price?
b) compute the monetary valueof the deadweight social loss from the market failure that occurs if society lets firms to continue to produce negative externalities without regulation
c) Suppose a tax per unit output (per unit tax) is impose on the production of Q with the intent of making equal the market level of output and the socially efficient level. How high should that per unit tax be?
d) what is the gain in net social benefits that results from this per unit tax?
Illustrate and explain the interaction of households, businesses, government and global markets in the circular flow of economic activity.
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Assuming that the farmer can dispose of $7 from the writer as she wishes, what range of payments will the beekeeper accept Assuming that the beekeeper gets that amount, what range of payments will the farmer accept
If the prices of A, B, and C are $2, $3, and $1, respectively, and the consumer has $26 to spend on these three products, illustrate what combination of the three products should be purchased in order to maximize utility.
Explain what the various limitations are to a successful fiscal stimulus. Be sure to consider the damaging activities and decisions of (a) private corporations, (b) commercial banks, and (c) wealthy individuals. Explore how these three leadership ..
Elucidate the increasing returns to scale as a basis for international trade. Be sure that you define the relevant concepts, describe important features of such trade, and contrast these features with those of trade due to other causes.
Over the past two decades, according to the U.S. balance of payment, the current accounts and the capital account balance tend to move in same direction.
What are the stages in the marketing research process? What is the marketing research method you would use to conduct marketing research for this soap? Why would you choose this method? How would you use marketing research to make recommendatio..
The real and financial frameworks, that Ireland's unemployment rate will remain stubbornly high over the coming years, perhaps falling somewhat only through rising emigration.
mike patrik, a recent ME graduate from MIT, expects to take out a loan to purchase an SUV for $30,000 with a down payment of $10,000. The loan she takes out requires her to pay monthly installments of $400 for 4 years. What is the effective annua..
Explain when assessing the effects of the budget surplus, list the assumptions you are making.
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