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Question: There are 10 households living in a small town. Of these, 4 households are farmers and 6 work in other industries. A factory pollutes the river that runs through the town. The farmers incur damages of $11,000 from the pollution, and the other households incur damages of $500. The factory says that it can install equipment to clean up the pollution for a total of $40,000, but that the town must pay for the installation. The town mayor proposes that all households share the cost equally, and pay a tax of $4,000 each to cover the cost of the equipment.
1. Is this proposal a Pareto improvement?
2. Is this proposal a potential Pareto improvement?
3. Design a tax system that would fund the cost of the equipment and be a Pareto improvement. (Show that it is a Pareto improvement.)
Use your knowledge of cost functions to save the day (and your friend\'s job) by determining the missing cost data. Round your answers to 2 digits after the decimal. what is the total cost when producing zero units? what is the marginal cost for th..
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After a decade of overconsumption Americans are finally saving at the appropriate levels. Despite only modest increase in real incomes, the U.S. Savings rate has risen to 5.4% as of August 2014. What are some of the key drivers that may be a..
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Compute the cross-price elasticity of demand between goods X and Y at the given prices. What is the own price elasticity of demand at these prices?
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