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The most popular state park in the Craggy Mountains recently reached the point where a common property resources problem arose — too many people hunted for wild boar each season. The boar population became over hunted and was in peril of extinction. An economist at the local university studied the problem for the park management and estimated the following cost and revenue relationships: Demand: P = 10 - 0.008Q Marginal social cost: MSC = 1.00 + 0.0067Q Marginal private cost: MPC = 1.00 + 0.0010Q. The variable Q represents the number of boars killed each season and price P is in hundreds ($). a. Determine the equilibrium number of boars killed per season, when there is unlimited access to the park. b. Determine the per boar fee that must be charged to reduce the harvest to the efficient level. c. Determine the social cost of unlimited hunting of the boar.
Consider the microenvironment facing a large, international airline headquartered in US (American or United Airlines) give 2 examples of important trends or events from each of 5 segments of airlines microenvironment ( macroeconomic, technological, d..
Firm is contemplating replacing a computer (D) it purchased three years ago for 6,000. In two years it will have a salvage value of $800. Operating a maintenance costs have been $1,000 per year. The computer currently has a trade in value of $3,000 t..
Economics essay-a brief paper about six pages in length also concisely analyze a contemporary problem illustrating Monopoly, monopolistic competition also oligopoly in the marketplace.
a driver faces a 5 probability that his car will be in an accident and will be worth nothing. consider three drivers
What price will the firm charge in each market? Based solely on these two prices, which market has the higher price elasticity of demand? What will be this monopolist's total economic profit?
In 200 words Explain Cooley’s argument in “Genetically Modified Organisms and Business Duties” What would Cooley say about the activities of Monsanto and related in the case study “Monsanto’s
Open today’s issue of The Wall Street Journal and look for an article about new moves being made by a corporation, specifically the decisions that are strategic. At what level is each of the decisions that you identified? Functional/Business/Corporat..
Which dominant Comparative politics theoretical approach might help us understand why US and Britain adopted Presidentialism and Parliamentialism governing systems?
Is SPC employing labour and domes in an optimal ratio, assuming that substitution of resources is possible. Elucidate. Conclude marginal income products for exterminators and for domes/pumps employed by SPC.
Consider an exchange economy with two consumers and two goods. The consumption sets of the consumers are R2+. Each consumer has the same utility function u(x1, x2) = min{x1, x2}. Provide a complete characterization of all the allocations which are in..
Based on this example, discuss and defend whether or not big countries such as the United States should be worried about what is happening in small countries such as Greece. Elucidate general conclusions from this case that might be applied elsewh..
Maintenance costs on a certain piece of equipment are estimated to be $500, $600, $700, $800, and $900 at the ends of years 1, 2, 3, 4, and 5, respectively. The time value of money rate is 8 percent compounded annually.
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