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(a) Define the term optimal pollution level
(b) List two market based economic efficient policies for achieving optimal pollution levels
(c) Using a graph of marginal cost of pollution control and marginal benefit of reducing pollution (Marginal cost of damage):
(i) Show the optimal pollution level. (Label both axes of the graph and each curve drawn on your graph)
(d) With the aid of the graph, briefly explain why it is not economically efficient to control for pollution at:
(ii) Levels less than the optimal quantity of pollution (what happens when we control for one less unit of pollution than necessary).
(iii)Levels more than the optimal quantity of pollution (what happens when we control for one unit of pollution than necessary)
Suppose that a jewelry store found that when it increased prices by 10 percent, sales revenue increased by 3 percent. Which of the following is true about the price elasticity of demand for the store's goods?
Joe has never trusted banks and always kept his money in cash. Joe pulls out his money jar, discovers that it has $20,000 in it, and decides it is unsafe to keep that much cash. Joe stops at the Local
The New Zealand dollar pushed toward U.S.55c yesterday as the greenback was dumped on a surprise U.S Federal Reserve initiative to pump more money into a still-choked financial system. Prior to this move was the NZ dollar trading at U.S.56c or U.S.54..
q.consider total cost and total revenue given in the table belowquantity 0 1 2 3 4 5 6 7total cost 8 9 10 11 13 19 27
For decision making for the firm with market power, fixed costs are:
The shape of Canada’s production possibilities frontier (PPF) should reflect the fact that as Canada produces more trucks and fewer cars, the opportunity cost of producing each additional truck ______.
currently there is an incumbent monopoly in a market. a potential entrant may enter. the incumbent can spend x dollars
Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation. Which of the following scenarios are either not accounted for or measured inaccurately by either the inco..
The first welfare theorem states that under a certain set of “regularity condition", free markets are efficient. Use the demand and supply model to show that a government imposed price ceiling will be inefficient when these regularity conditions are ..
What would happen to unit sales and total revenue of the book store sold a textbook at a lower price? Would this be elastic due to the fact that a college textbook would be a necessity versus a luxury? Also, if that is the case.. Can you please expla..
Besides raising taxes and issuing debt, the U.S. government (Treasury Department) can also secure funds by borrowing directly from the FED. What is the potential danger of this route? What are the implications for investors and for public policy of e..
Suppose that the government increases taxes and government purchases by equal amounts. What happens to the interest rate and investment in response to this balanced-budget change? Does your answer depend on marginal propensity to consume?
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