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Question 1. Consider the case of greenhouse gas (GHG) sequestration (removal from the atmo- sphere) as a public good. Suppose there are 100 identical countries, each of which has an identical inverse demand function for carbon removal given by p = 20 -1/4QD, where QD be the number of tons of GHGs removed from the atmosphere, and p is the marginal willingness to pay for removing carbon. Assume the marginal cost of sequestering GHGs is constant and $50 per ton.
(a) Find the aggregate willingness to pay function for global greenhouse gas seques- tration. Graph this function, label all axis and intercepts.
(b) How many tons of GHGs should be sequestered in order to maximize total global surplus (achieve allocative efficiency)?
(c) Find the economic surplus (i.e. total surplus). What is the total net benefit to all countries of sequestering the amount found in part (b)?
Explain what Ferguson characterizes as bad financial practices across the globe - Explain the events that led to the sub-prime mortgage crisis.
Managerial Economics - Lunar International College - How do the decisions made by individual firms (through the application of microeconomic theories)
Use the equilibrium condition and reduce the system to a 2 by 2 matrix system and solve for equilibrium prices. Then determine the equilibrium quantities.
(a) What is the difference between a normal good and an inferior good?
Outline a microeconomic reform issue that is relevant to the Australian economy and how successful do you think these reform measures were and say why referring to some data or research that has been performed?
Suppose that competition among several market makers forces the spread down to $2. How many goods are traded?
Explain the price elasticity of demand in each market structure and its effect on pricing of its products in each market. The four market structures are monopoly, Perfect competition, oligopoly, and monopolistic competition.
What is the point estimate of the difference between the mean number of miles that Buffalo residents travel per day and the mean number of miles that Boston residents travel per day?
Shortly before the UK devalued the pound sterling in 1968, Prime Minister Harold Wilson was heard to remark that the first time a Labour prime minister devalued
Dunkin Donuts raises the price of its French Vanilla coffee by 15%. The demand for Dunkin Donuts glazed doughnuts will change by what percentage and in what direction?
1. What are the three basic protections for arbitration laid down by the Supreme Court in the Steelworkers' Trilogy? Explain the steps involved in choosing an arbitrator using the American Arbitration Association. Discuss the presentation of the case..
What are equations for IS and LM curves? What is equilibrium level of income and interest rate? What if mix of fiscal and monetary policies is changed. Te money supply is increased by 100 while government spending reduced by 250:
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