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Two firms A and B, making up a sector of the economy, emit pollution (pol) and have marginal abatement costs: MAA = 24- pol and MAB = 24-(1/2)pol. So the total abatement curve for this sector is given by MA = 24-(1/3)pol. The marginal damage function is constant at a value of $12 per unit of pollution emitted: MD = $12.
(a) Draw the MD and market-level MA curves and establish the efficient level of pollution for this economy.
Suppose that the market price for a bottle of vitamins is $2.50 and that at that price the total market quantity demanded is 75,000,000 bottles. Suppose that, instead, the market quantity demanded at a price of $2.50 is only 75,000. How many firms ..
a) If P= 10, what is the value of Co What is the equilibrium of GDP What is the level of consumer expenditures in equilibrium b) Leaving P as a variable, solve for equilibrium Y as a function of the price level
a. Jack consumes two goods: food and leisure. He works for 8 hours per day and earns a wage of $8 dollars per hour. His rich uncles also give him around $20 per day. Illustrate Jack's choice of work and leisure using an indifference curve and a b..
Suppose that a new government is elected that wants tokeep out the poor. It declares that the minimum rent that can be charged is $2500 per month. If the government can enforce that price floor, will there be a surplus or ashortage? Of how many un..
You're playing Dungeons and Dragons, an old-school pen-and-paper role playing game. The game uses an 8-sided die, with the numbers 1-8 on each face. The probability of rolling each number is 1/8. What is the variance of one throw of the die
Show that β^ is an unbiased estimator of β and obtain its variance-covariance matrix. How can the standard errors of the elements of β^ be estimated?
Do you think that the World Wide Web has made it easier or more difficult for companies to establish themselves as monopolies? Explain your answer
A few years ago, a construction manager earning $70,000 per year working for a regional home builder decided to open his own home building company. He took $100,000 out of one of his investment accounts
Suppose Alex's utility function for tops (x) and candy (z) is: U(x,z)= x¾ z¼ . Suppose this year she has income of 1,000 to spend on these two goods. The price of a unit of x is $25 and the price of a unit of z is $5. Her marginal utility of x is ..
Derive the new demand for the public good on the part of the whole economy and compute the new optimal level of supply, given that the MC remains unchanged.
Is the paper well-organized, first presenting background information, then providing an overview of economic reasoning that is useful for understanding the issue at hand, then supporting the thesis by referring to economic reasoning and evidence, ..
If a minimum wage of $7 an hour is set for teenagers, what are the quantities of employment and unemployment. If a minimum wage is set at $7 an hour and demand increases by 500 hours a month, what is the wage rate paid to teenagers and how many ho..
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