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Suppose that "gunk" is a pollution by-product of manufacturing computer processors. Environmental activists propose regulation to limit emissions of gunk. The proposed regulation leads to pollution-control costs that are heavily concentrated upon the small number of firms that produce computer processors. Control costs under the proposal are estimated to be approximately $ 1(X) million per manufacturing facility per year. The benefits of reduced gunk emissions are thinly spread out among the 12 million or so people who live in the region where computer processors are manufactured. It is estimated that each of the 12 million people living near a facility will typically incur around $50 per year in external costs associated with uncontrolled gunk emissions, mostly from occasional mild coldlikc symptoms, but gunk is not known to be linked to any deaths. debilitating injuries. or birth defects.
a. Using Oye and Maxwell's terminology. is this an example of a "Stiglerian" or an "01- sonian" regulatory situation? Carefully explain your reasoning.
What is significant about the connection between the demand for goods and market failures? What happens to the demand for goods when a market fails
The manager of a public utility supplying electricity to a significant portion of a geographic region presides over an electrical generation facilities that can make electricity using either natural gas or oil,
Compute the industry price necessary for firm to supply 10,000, 20,000, and 30,000 pounds. Compute the quantity supplied by the firm at industry prices of $1.50, $2.50, and $3.50 per pound.
Find the marginal rate of substitution for both individuals and is the initial allocation pareto efficient
Assume you're in charge of the toll bridge that essentially cost free. The demand for bridge crossings Q is given by P = 60 - 2Q. Draw a demand curve for bridge crossings
The switch to the use of HFCS from sugar in soft drinks was prompted in large part by its relatively lower price. Assuming a competitive market, what effect would this change have on the equilibrium price and output for soft drinks?
Assume the firm can produce 5000 units of out put by combining its fixed capital with 100 units of labor and 450 units of raw materials. What are the total cost and average total cost of producing 5000 units of output?
What is the difference between elastic and inelastic demand. Please be precise. If a restaurant increases its price of coffee from $ 1.00 to $ 1.20 and quantity demanded falls from 100 cups to 80 cups. How can I compute the price elasticity of dema..
Suppose if pollution is bad, why is there any tolerance and programs for pollution rights, tax incentives, and subsidies?
The United States cigarette industry has negotiated with Congress and government agencies to settle liability claims against it. Under the proposed settlement, cigarette firms will make fixed yearly payments to government based on their historic mark..
Problem based on Oligopoly and demand curve, Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?
Describe why personalized pricing or 1st degree price discrimination is g enerally more profitable than menu price. Why, if this is the case, do companies use menu pricing?
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