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To reduce pollution, the California Air Resources Board in 1996 required the reformulation of gasoline sold in California. In 1999, a series of disasters at California refineries substantially cut the supply of gasoline and contributed to large price increases. Environmentalists and California refiners (who had sunk large investments to produce the reformulated gasoline) opposed imports from other states, which would have kept prices down. To minimize fluctuations in prices in California, Severin Borenstein and Steven Stoft suggested setting a 15¢ surcharge on sellers of standard gasoline. In normal times, none of this gasoline would be sold, because it costs only 8¢ to 12¢ more to produce the California version. However, when disasters trigger a large shift in the supply curve of gasoline, firms could profitably import standard gasoline and keep the price in California from rising more than about 15¢ above prices in the rest of the United States. Use figures to evaluate Borenstein and Stoft's proposal.
What is risk and what is uncertainty? How would each and both affect the managerial decision making and what are the sources of risk?
The mean gross annual incomes of certified welders are normally distributed with the mean of $23,577 and a standard deviation of $2,358. The ship building association wishes to find out whether their welders earn more or less than $23,577 annually..
Suppose that, for a particulra type of firm, the MPL isnot diminishing, but it's also not increasing. What does the MCcurve for this firm look like Why might it make sense to think ofthe firm's capital being, say, a computer network,
What is the error if the derivative is used to approximate the marginal revenue?
If the cross-price elasticity of aluminum with respect to steel is 2.0:a) what happen to the quantity demanded of aluminum if the price of steel increases b) Are aluminum and steel substitutes or complements
Suppose Mary earns $13 an hour installing transistorized digital chips in electronic calculators. If you were unemployed, would you offer to work for $8 an hour to get the job Why might a profit-maximizing employer turn down your generous offer
Suppose that the current spot rate between Japan and the US is 4 yen per dollar, the forward rate is 4.04 yen per dollar, and the expected future spot rate is 4.06 yen per dollar.
"As more people buy fuel-efficient hybrid cars, the demand for gasoline will decrease and the price of gasoline will fall. The fall in the price of gasoline will decrease the supply of gasoline." Is this statement true? Explain.
Show that any unfunded social security system increases the welfare of the current old generation and reduces the welfare of some future generation.
Assuming that the ground water at the water table is in equilibrium with the atmosphere with CO2 at 10-3.5 atm partial pressure, construct a plot showing the change in CO2 with pH in the closed system.
Consider a Cobb-Douglas production function with three inputs, K is the capital(number of machines), L is labor (nuber of workers) and H is human capital (the number of college degrees among workers) The production fucntion isY=K1/3 L1/3 H1/3
Starting with the data fro Problem 6 and the data on the price of a related commodity for the years 1986 to 2005 given below, we estimated the regression for the quantity demanded for a commodity (which we now relable (Q x), on the price of the co..
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