Reference no: EM13863427
1. Discuss the pros and cons of the two “advanced” forms of estimating energy demand. What do they excel at and where are they lacking? How might policy changes be built into the models?
2. Assume the following two equations for the extraction of a natural resource:
A) P = 18 – 0.5 Q for Marginal Willingness to Pay
B) P = 4 for a constant Marginal Cost of Extraction
Solve for the following in a two time period setting:
1) Find and label the equilibrium when there is no limit on Q.
2) Assume that there are only 20 units of the natural resource to be extracted, and I tell you the optimal extraction rates at time period 1 and time period two are 10.1 and 9.9 respectively. Solve for the discount rate.
3) Show graphically or in terms of total benefits that the optimized extraction rates maximize total benefits.
3. Discuss the cost features of renewable energies in the supply electricity. What are some of the harder costs that are more difficult to capture. What aspects of renewable electricity supply are more expensive than traditional fossil fuels? Where are they cheaper?
What are the roots of inequality in the division
: According to Jared Diamond, what are the “roots of inequality” in the division of the world into ‘haves’ and ‘have-nots? What role has “the roots of inequality” played in the division of the world into ‘haves’ and ‘have-nots’ within today’s globaliza..
|
Various theorists utilitarian-libertarian-rawls
: In September 2012, the New York City Board of Health approved Mayor Michael Bloomberg's proposal to ban the sale of large sugary drinks in restaurants and other venues in an attempt to reduce obesity and promote more healthful living. How do you thin..
|
Actual national income and desired aggregate expenditure
: Explain the relationship between Actual National Income (Y) and Desired Aggregate Expenditure (AE = C + I) and how this creates equilibrium National Income?
|
Ownership of monopolies over public ownership of monopolies
: Why might economists prefer private ownership of monopolies over public ownership of monopolies?
|
Discuss pros-cons of two advanced forms of energy demand
: Discuss the pros and cons of the two “advanced” forms of estimating energy demand. What do they excel at and where are they lacking? How might policy changes be built into the models? Assume the following two equations for the extraction of a natural..
|
Determine the returns to scale of this production function
: The Constant Elasticity of Substitution function- Determine the returns to scale of this production function. Find σ, the elasticity of substitution. Express K/L as a function of w/r. How does the relationship between K/L and w/r change when ρ chang..
|
General equilibrium model with two sectors of production
: Consider the general equilibrium model with two sectors of production using different CRTS technologies as reviewed in class. Instead of assuming that both sectors are perfectly com- petitive, assume that sector X is a monopoly while sector Y is a pe..
|
Budget line and indifference curve given its budget
: Family F has an income of $1000 per month, and currently spends $400 monthly on food. Assume that the initial price of a unit of food is $1, and initial price of a unit of "all other goods" is also $1. Darw a budget line and indifference curve, given..
|
According to the benefit principle of taxation
: Abe, Betty and Charlie are the only three students in my graduate Public Finance class and I am trying to determine how many office hours to hold per week for this class. Since my office and blackboard are reasonably large, Suppose office hours don't..
|