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Acme Water is a privately owned firm that is sole supplier of water to a rural town in Pennsylvania. The owner of company has provided the manager of firm an incentive to maximize company's profits, and the manager is currently selling 100,000 gallons of water per week at a price of $.05 per gallon. The marginal cost of water is zero, but the company's average cost of this level of output is $.01 per gallon.a. Determine Acme Water's profits.b. Now suppose that local government imposes a price ceiling on water at a price of $.01 per gallon. Will the firm earn economic profits of zero as a result of this price ceiling? Explain.c. Does the price ceiling of $.01 per gallon result in a shortage of water in Acme's service area?
What are the marginal abatement cost functions for each of the two areas? Calculate the loss in the two areas due to over-control (for the rural area) and under-control (for the urban area).
Assume a company has the following production function: Q = 100 K.5 L1 . Currently, the company hires 1,000 workers and employs 100 units of capital.
You have given the following data about the amount your firm can manufacture per day given the number of workers it hires.
Recall from introductory economics that an raise of $1 in government spending may raise GDP through more than $1. The exact value by which GDP goes up is multiplier.
3-defective electric toothbrushes were accidentally shipped to a drug store called Clean brush items along with seventeen non-defective ones.
Determine what should you do to maximize benefits with respect to values after you acquire a substitute product. Which values should you change more?
A pint of British marmalade costs a United States customers $10. Assume that the dollar depreciates against the British Pound, the pint of British marmalade for the United States customer will cos
The following table is the pay off matrix for zero sum game. Estimate the each players dominated strategy of the following zero sum game?
A student is taking two courses, history & math. The probability the student will pass in the history course is .60 and math is .70. The probability of passing both is .50.
Design a simple econometric research project
Briefly discuss the difference between mechanism of an oral or English auction and a Vickrey or second price auction.
The local operations manager for IRS must decide whether to employee 1, 2, or 3 temporary employees. He determine that net revenues will vary with how well taxpayers comply with new tax code.
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