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1. Suppose that the inverse demand for shale gas is given by p = 400 - 2q. The private marginal cost of producing shale gas is PMC = 100 + q. Suppose that in order to produce shale gas at the PMC given above, the oil and gas (O&G) companies (that produce the gas) must transport drilling equipment and millions of gallons of water to and from the shale gas well. Suppose that visual disamenities, air pollution, and noise pollution impose costs of (1/10)qon each of 20 households near the well.
2. If instead local ordinances granted the households the right to be free from the pollution, could an efficient outcome be achieved by voluntary exchanges between the households and the O&Gs? Would the households be better off or worse off than if the property rights were assigned to the O&Gs? Show your work. How would the household senforce their property rights against the O&Gs pollution?
Wilpen Corporation, a price-setting form, manufactures nearly 80% of all tennis balls purchased in the United States. Wilpen estimates the U.S. demand for its tennis balls by using the linear specifications:
You have given the following data about the amount your firm can manufacture per day given the number of workers it hires.
Explain why this model violates the assumption of no perfect collinearity. Write the t statistic for testing the null hypothesis
The demand for life insurance, Executive Insurers, Corporation is planning the factors that affect the amount of life insurance held by executives. The following information on the amount of insurance and annual incomes of a random sample of twelve e..
Over a period of years, a toothpaste has received a mean rating of 5.9, on a 7-point scale, for overall customer satisfaction with the product. Because of a minor unadvertised change in the product, there is concern that the customer satisfaction ..
The joint probability distribution on the returns of two securities X and Y is demonstrate in the table below.
women and selected minorities are systematically excluded from high-paying occupations and crowded into low-paying occupations, decreasing their wages and reducing domestic output. B. employers having high discrimination coefficients will be crowde..
A person arranges to repay a a$1000 bank loan in 10 equal payments at a 10% annual interest rate. Immediately after his third payment he borrows $500, also at 10% annual interest rate. When he borrows the $500, he talks the banker into letting him..
On the same graph, draw the daily budget constraint under AFDC for the single parent. According to AFDC, the family was given an income subsidy depending on family size and the family's benefit was reduced by $1 for every dollar earned. Suppose th..
Suppose that we randomly select a recent graduate of the University of Virginia graduate school of business. This school has a recruiter assessment score of 4.1 and an out- of- state tuition and fees of $ 43,000. Predict the average starting salar..
The state of Connecticut is well known for its almandine garnet. The Almandine Garnet Mine has plans to extract 80 tons over the next two years. The production benefits and costs are: MB = 40 ? 0.1Q MC = 36 + 0.25Q Assume..
The demand for personal computers has been estimated to be Q = 500,000 - 700P +200I - 500S. Assume that per capita income I is $13,000 and the average price of software S is $400. When the price of personal computers is P=$3000,
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