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In the state of California, rice growers burn their field stubble to sanitize their fields. The field burning causes serious air pollution. The alternative sanitizing method costs $150 per acre. Consider a county where rice farmers are currently willing to pay $500 per acre for land, and corn farmers (who do not sanitize their fields) are willing to pay $300 per acre. The total output of the county is small enough that the prices of rice and corn are unaffected by events in the county. Suppose that field burning is outlawed in the county, forcing rice farmers to switch to the alternative sanitizing method.
a. How does the field-burning law affect rice consumers, corn consumers, farmers, and landowners? In other words, who bears the cost of the pollution-control program?
b. How would your answer to (a) change if the cost of the alternative method were $250?
c. How would your answer to (b) change if field burning were outlawed in the entire state of California?
A construction firm needs a new small loader. It can be leased from the dealer for 3 years for $5500 per year including all maintenance, OR it can be purchased for $20,000. The firm expects the loader to have a salvage value of $7,000 after 7 year..
Suppose that the rural part of a country is hit by a major earthquake that destroys 10% of the countries housing stock. The government and private sector respond with a major construction effort to help rebuild houses. Discuss how this episode is ..
When will America's longest running economic expansion in history come to an end? One way to predict is to look at what happened in the past. The usual causes include:
A certain medical device will result in a estimated $15,000 reduction in hospital labor expenses during its first year of operation. Labor expenses (and thus savings) are projected to increase at a rate of 7% per year after the first year.
A duopoly faces a market demand of p=120-q. Firm 1 has a constant marginal cost of MC1=20. Firm 2's constant marginal cost is MC2=40. Calculate the output of each firm, market output, and price if there is a Stackelberg equilibrium with firm 1 as t..
A firm is analyzing if entering into a market is profitable. A brilliant young economist, who is Director of Economic Research in this firm, has estimated that demand would be Q(p) = 100-2p. She has also estimated that the cost function would be C..
Martha has $150 of disposable income to spend each week. She buys Malted milk balls and Snickers. Suppose that malted milk balls cost $2.50 per bag and Snicker cost $1 per bag. 1. What is the equation of Martha's budget constraint, assuming we wil..
Recognize economic forecasts for real GDP, the unemployment rate, the inflation rate, a key interest rate, and the value of the dollar.
Suppose market demand is given by Q= -200P + 8,000. What will be the short run equilibrium price quantity combination. Suppose everyone starts writing more research papers and the new market demand is given by Q= -200p +10,000.
The 1-year interest rate in the U.S. is 10%; in Switzerland it is 12%. The current spot rate (dollars per franc) is $0.40. a. What do you expect the 1-year forward rate to be b. Is the franc selling at a premium or discount
while costs are expected to increase from $20,000 in year 1 by $10,000 each year. If there is no salvage value at the end of 5 years, what is the annual equivalent worth of the project assuming a MARR of 12%
A firm is considering purchasing $64800 of hand tools for use on a production line. It is estimated that the tools will reduce overtime work by $2000 the first year, with this amount increasing $1300 per year thereafter.
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