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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?
Suppose that inflation is 2 percent, the Federal funds rate is 4 percent, and real GDP is 3.00 percent below potential GDP. According to the Taylor rule, in what direction and by how much should the Fed change the real Federal funds rate?
You are a manager of a large but privately held online retailer that currently uses 17 unskilled workers and 6 semiskilled workers at its warehouse to box and ship the products it sells online.
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Elucidate what would be the budget request for FY13 for this effort.
Assume the airline industry consisted of only 2 firms: American and Texas Air Corp. Let the two firms have identical cost functions, C(q) = 40q. Suppose the demand curve for industry is given by P = 100 - Q and that each firm expects the other to ..
Which country is likely to receive the most benefit from this increase in investment. Explain your answer.
Use the Heckscher-Ohlin factor proportions framework with 2-factors, skilled and unskilled labor, to estimate the following arguments.
Explain how a voluntary exchange results in a win/win situation to both parties.
Illustrate what effect do you think it had on learning by the industry as a whole. What factors might explain these patterns.
Explain how would this affect the elasticity of demand for gasoline
Consider the following data on US GDP-What was the grwoth rate of the GDP deflator between 1999 and 2000?
Briefly explain which of the following policies are likely to increase the rate of economic growth of a nation and government increases public spending to finance a conflict with a neighboring nation
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