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We will combine a very simplied model of an externality that has long-lasting impacts with the model of discounted utility that we learned in our game theory topic. Consider a hypothetical environmental externality: produced as the byproduct of industrial activity, each unit of emission of a pollutant that is emitted once, today, causes $10 of external harm to society each and every year, starting immediately, forever. Let's say that policymakers apply a discount factor of 2 (0; 1) to future gains and losses, in an analog of the discounted utility model except for cash payos rather than utilities.
What would the socially ecient Pigouvian tax on the emission of this pollutant be if we applied a discount factor of (i) = 0:5, (ii) = 0:9, and (iii) = 0:99? Give an intuitive explanation of how to interpret the parameter in this context, and explain precisely but in simple terms what the goal and eect of the Pigouvian tax would be.
Suppose that the profit a Honda dealership makes on selling an Accord is random and is given by the following probability distribution:36% of the time the profit is 800, 26% of the time the profit is 1100; 18% of the time the profit is 1500; and othe..
1. if the total cost tc assembling and processing milk is given astc a av2 bn2 - cvn where v is the size and n is
How to translate the value proposition into specific elements of the offer, its costs, how it will be delivered, and how it will be communicated (ability to explain causation).
What is the opportunity cost to the economy of the decision to prohibit development of oil reserves in the ANWR? Do you think congress should have passed
Hospital administrators sometimes complain about a "shortage" of nurses. The shortage is the result of a higher wages that occur in the competitive market and could be eliminated if nurses earn wages closer to their MRC.
a major new client has requested that your company present an investment seminar to illustrate the stock valuation
Two procedures for sintering copper are to be compared by testing each procedure on six different types of powder. The measurement of interest is the porosity (volume percentage due to voids) of each test specimen. Is there sufficient evidence to ..
Based on the Grossman Model, provide two rationales for why we might expect health to increase during the Great Recession.
Review the Forms of Business Communication article. Consider the different forms of internal communication (upward, downward, and horizontal/lateral).
What does this estimate imply about the price elasticity of demand for ice cream cones - Why do price elasticity of demand estimates change along the demand curve?
The Rocky Mashed Potato factory produces output at costs C=Q2 (marginal cists 2Q), where Q is the quantity of mashed potatoes produced, in tons. In addition, 2 units of emissions are produced for each ton of mashed potatoes (E=2Q). Polluting damage i..
Consider a project that requires an upfront payment of $500. Suppose there is a 70% percent chance that the project is moderately successful and generates cash.
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