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1) A number of paper companies dump sewage into a local river as a byproduct of production. The resulting environmental damage incurs a social cost of 60 cents per ream of paper that is produced. Suppose marginal cost function for the paper companies is given by MC = .01Q, while the demand curve for paper is given by Q = 1200 - 200P.
a. Solve for the social marginal cost function (that is, the function that takes into account the private marginal cost of production and the social cost of the externality).
b. What are the total costs of production (including the cost due to environmental damage) at the unregulated equilibrium quantity of 400?
Compute the certainty equivalent of his bet. Calculate the Arrow-Pratt measure of absolute and relative risk aversion.
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Calculate Max's marginal utility from snorkeling at each number of hours per day. Does Max's marginal utility from snorkeling obey the principle of diminishing marginal utility.
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The benefit of cutting down a forest is $1 million now. the environmental cost of that harvest is $10/year forever.
Distinguish between the resource market and product market in the circular flow model. In what way are businesses and households both sellers and buyers in this model.
How could ABC use currency futures to hedge its position and what is the risk of hedging with currency futures.
Would you advocate monetary restraint or stimulus for today's economy
Considering that the beekeeper gets that amount, what range of payments will the farmer admit.
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