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A firm producing batteries is letting the acid leak into a local river. Each ounce of acid in the river causes $50 of damage to a downstream oyster farm.
a. Graph the market for batteries, with a demand curve of P= −Q + 200 and private supply curve of P=Q .
b. Now graph the social marginal cost curve. Illustrate the deadweight loss of the private equilibrium.
c. How much of a tax per unit would the government need to impose to force the battery firm to internalize the externality? What quantity regulation could the government implement to arrive at the socially optimal output? What about this situation allows these two methods of intervention to achieve the same result?
Suppose France is an open economy and cannot influence the world price. If the world price is below the domestic equilibrium price, how would an increase in domestic supply affect the price and quantity demanded?
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Social Business Networking and E-Commerce. Select one of the social networking sites for business professionals listed in Insights and Additions box 3.2 in Chapter 3 of your text. Discuss why you believe it has been successful in creating community. ..
Sensitivity to a minority group is as important as being aware of and using the language of that group effectively. Insensitivity towards any group can cost an organization money and opportunity. What do you think the PR department should do inside t..
Currently a government budget is balanced. The marginal propensity to consume is 0.75. The government has determined that each additional $10 billion in new government debt it issues to finance a budget deficit pushes up the market interest by 0.20 p..
Calculate total economic surplus under monopoly also competition. The difference is the social cost of monopoly
Suppose that Rob and Big both raise animals and sell them. Because Rob and Big have different talents, they have varying abilities to raise these animals. In 1 day, Rob can produce either 10 cows or 20 pigs.
Suppose medical care is consumed only in units of a homogeneous quantity, for instance, office visits which are priced at $40 per visit. The available insurance plan carries a $200 deductible and has a coinsurance rate of 20%. Graph the out-of-pocket..
Suppose you are interviewing the CEO of a large company. The CEO is telling you about his or her job as a manager and how he or she spends time. Using the description below, which function of management is the CEO most likely describing in this examp..
In 2013, the furniture store PB produced 10 mahogany desks. One of them is sold to Jeanine for $3,259, later that same year Jeanine sold the desk to Pamela for $1,802. The remaining desks were not sold to anyone that year and stay in PB's inventory a..
What would you expect the Forward Rate to be between Japanese Yen and British Pounds, one year from now?
If industries collude, Illustrate what will be monopoly cost (optimal cost P*), total output of two industries (Q= q1 + q2) and total profits of two industries.
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