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1. Suppose that the government decides to issue tradable permits for a certain form of pollution.
a. Does it matter for economic efficiency whether the government distributes or auctions the permits? Does it matter in any other ways?
b. If the government chooses to distribute the permits, does the allocation of permits among firms matter for efficiency? Does it matter in any other ways?
2. Some people object to market-based policies to reduce pollution, claiming that they place a dollar value on cleaning our air and water. Economists reply that society implicitly places a dollar value on environmental cleanup even under command-and-control policies. Discuss why this is true.
Compute real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow? Compute the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase?
Given this information, what can you say, if anything, about the change in inflation in these two economies? Specifically, what happened to t (relative to t-1) in these two economies? Suppose tA ?t-1B. Given this information, ..
Draw a diagram showing how the market equilibrium will change if the marginal social costs of a polluting production activity are included rather than just the marginal private costs of that activity.
Pamela Burns is a 40% shareholder in Rubio Corporation. She is aware of the tax consequences of the various items listed on the Schedule K-1 (Form 1120S) she received,
Derive the Marshallian demand functions and the indirect utility function, and confirm that Roy's identity holds.
Joe Brown’s dairy operates in a perfectly competitive marketplace. Joe’s machinery costs $500 per day and is the only fixed input. His variable costs are comprised of the wages paid to the few workers he employs at the dairy and the grain he feeds to..
Which of the following curves- average fixed cost, average variable cost, average total cost, and marginal cost- would shift as a result of the lump-sum tax Why Show this in a graph. Label the graph as precisely as possible.
The cranberry market is perfectly competitive. Reports that consuming cranberries can lead to improved health result in a permanent increase in the demand for cranberries and an immediate upward jump in the price of cranberries.
The irony is that those who are aware of the Pareto principle, do not use it as often as they should in making decisions. Name at least a dozen ways to apply the Pareto principle (the 80/20 rule) that have not been thought of regarding decision-ma..
On average college graduates earn significantly more income than those with less education and the disparity tends to widen into middle age. marginal external cost equals marginal private cost minus marginal social cost.
Limited funding may lead scientists to research one topic instead of another.legislators may create new laws about the use of natural resources based on the recommendations of scientists.
Google rejects the idea that it's in the search advertising business, an industry in which it holds more than a 70 percent share of revenue. Instead the company says its competition is all advertising, a category broad enought..
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