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Q1) Demand for milk is Q=1000-5plong run supply function for milk is Q=4p-80. if government's climate change policy is based on polluters pays tax and it decides to tax milk.a)how will this tax affect equilibrium in the milk market?b)how would the burden be shared between buyers and sellers of milk?c)what is the excess burden of this tax?Q2) A firm in a perfectly competitive industry has invented and patented a new process for making a plastic product q. The new process lowers the firm's average cost curve, meaning that this firm alone can earn real economic profit in the long run.a)if the market price for q is $20 per unit and the firm's marginal cost is given by MC=0.4q, where q is the daily production for the firm, what will the firm's daily output be?b) suppose that government finds that the new process pollutes the air and estimates that the marginal external cost of production is MEC=0.5q. If the market price is still $20, what is the socially optimal level of production for the firm? what should the rate of a government imposed tax be in order to bring about this optimal level of production?c) need a labelled graph.Q3) Two groups of land users contribute to the pollution of a lake. Both dairy farmers (Group D) and sheep farmers (Group S) use nitrogen to fertilise their pasture. Local government has decided to implement a system of tradable rights to limit the influx of nitrogen into the lake. Government will issue 100 pollution permits. One permit equals 1 tonne. Their respective demand (in t) functions for nitrogen polluting rights are D(d)=100-p and D(s)=20-2pa) Assume that the price of permits is zero and determine what the status quo level of nitrogen pollution isb) describe two approaches to allocating the initial entitlements. Comment briefly on the relative merits of each.c)Assume that each group gets 50 permits (i.e 50 tonnes each). Assuming zero transaction costs, describe post-trade equilibrium quantity and permit price.
Illustrtae what are the total fixed costs - total variable costs, and total cost of the lab given its current capacity.
Elucidate several dimensions of the shareholder-principal conflict with manager-agents known as the principal-agent problem.
Countdown to a new agreement might galvanize development assistance debates. What do you think will happen and should happen- and why.
Explain why would you expect the inflation rate to accelerate if the actual unemployment rate declined.
Describe (with appropriate figure) short run and the long run impact of immigration on native labour market when the immigrants and natives are complements.
Elucidate the difference among the consumption of a free good and a good that is not free.
Time Magazine and Newsweek are two competing news magazines. Suppose that each company charges the same $5.00 price for their magazines. What is the Nash equilibrium for this sequential game?
make sure to comprise explicit benefits that can be realized by consumers as a consequence of the enforcement of this legislation.
If it will cost us approximately $0.75/bottle to supply more Coke to our consumer what should we do if our goal is to maximize profit.
Cindy gains utility from consumption and leisure. The most leisure she can consume in a week is 168 hours.
Describe the spot and 12-month forward exchange rates and determine any change in the ROS repatriated in 12 months based on exchange rates versus the current forecast.
Elucidate how your policy would help increase aggregate demand.
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