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Question: The demand (MB) for a good is given by P= 20-Q. The private marginal cost is given by PMC= 6+Q, and the marginal damage function is given by MD = 2+Q.
Note: the optimal tax is the difference in price between the private marginal cost and the social marginal cost at the socially optimal quantity, NOT at the private optimal quantity.
Find the social marginal cost curve.
Find the optimal tax rate that can induce producers to reduce output to social optimal level.
Calculate the gain (damage avoided), loss (loss of producer + consumer surplus caused by less output) and net gain (avoided DWL caused by pollution) of the tax.
The council members of a small town have decided that the earth levee that protects the town flooding should be rebuilt and strengthened.
Explain the following statement: Any deviation from planned output or planned expenditures (Consumption + Investment) will throw the economy into disequilibrium.
Suppose the supply of rental apartments is completely inelastic in the short run. Show that imposing a ceiling on rents that is below the equilibrium rent.
Applied Technology, Inc. (ATI) produces bicycle frames using two fiberglass materials that improve the strength-to-weight ratio of the frames. The cost of the standard grade material is $7.50 per yard and the cost of the professional grade mat..
The Three Functions of Money- Do you feel a barter system would work for you personally, for the U.S. economy, or for the global economy?
Hundreds of millions of people bid on eBay auctions to purchase goods from all over the world. Despite being carried out on line, in spirit these auctions are similar to those that have been conducted for centuries. Is an auction a game? Why or why n..
assume that there is concern that the economy is not recovering from the current recession due to a high unemployment
An article in GulfNews.com noted that in September 2012 the Indian government of Prime Minister Manmohan Singh made "urgently needed reforms to reduce the fiscal deficit and attract foreign investment to help the current account deficit and growth..
Speculate what emergency measures might be enacted to keep the economy running in lieu of having an organized banking system.Identify and justify any incidents from history that tell us what we might expect if an electromagnetic pulse actually caused..
Does a price ceiling attempt to make a price higher or lower? How does a price ceiling set below the equilibrium level affect quantity demanded and quantity supplied? Does a price floor attempt to make a price higher or lower?
Johnson Electronic Systems can reduce product recalls by 10% if it purchases new laser-based sensing equipment. If the cost of the new equip- ment is $250,000 now, how much can the com- pany afford to spend in 2 years (instead of now) if it uses ..
Find the price at which output is sold in a Nash equilibrium and show that this price decreases as n increases as the number of firms increases without bound.
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