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Suppose that the market for a certain good has a demand of P = 80 - Q. The aggregate private marginal cost for the firms that produce the goods faces is MC = 3Q +20. However, production of the good also creates pollution with a marginal external cost of MEC = 2Q.
a) If this is a perfectly competitive market with no regulation, what is the equilibrium price and quantity produced?
b) Suppose instead that the market is a monopoly. Calculate the profit-maximizing price and quantity.
c) Determine the socially efficient price and quantity for the good.
d) Calculate the socially optimal per-unit tax to levy on the competitive firm and the monopolist respectively to make them produce at the socially efficient level.
A training program to prepare employees to run the machines will be necessary at an estimated cost of $700 per new machine. If the MARR is 9% before taxes
Explain Cournot competition. Illustrate and explain strategic substition. Illusrate and discuss the operation of the Cournot model as it relates to the empirical evidence regarding 1) price markups over marginal cost and the number of competitors and..
Determine the critical value and the rejection region. What is the critical? F-value?. Round to two decimal places.
Assume an economy where there are two producers: a wheat producer and a bread producer. In a given year, the wheat producer grows 30 million bushels of wheat of which 25 million bushels are sold to the bread producer at $ 3 per bushel, and 5 million ..
Desired Consumption and Investment are: C^d = 4000 - 4000r + .20Y & I^d = 2400 - 4000r. Find an equation relating desired national saving, S^d, to r & Y? What value of the real interest rate clears the goods market when Y = 10,000?
Suppose that a monopolistically competitive restaurant is currently serving 250 meals per day (the output where MR = MC). At that output level, ATC per meal is $10 and consumers are willing to pay $13 per meal.
A random sample of n = 49 scores is selected from a normal population with a mean of µ = 80. After a treatment is administered to the individuals
The payroll tax is levied at a rate of 15.3% of a worker’s earnings, up to a ceiling. For workers with earnings greater than the ceiling, the tax rate is only 2.9%. Also, the payroll tax does not apply to capital income, which is a larger share of in..
They are all highly populated areas with target markets suitable for your products. One factor is which there several formidable competitors in all of the areas
When it comes to CIKR protection, public and private security concerns often differ. Do you agree or disagree with this statement? What are the differences?
Explain how to construct and interpret a Lorenz curve for the distribution of income and wealth; discuss the factors that explain the distribution of income in the US and compare and contrast income inequality in US with other countries.
Many U.S.? cities, especially those with large populations of? renters, have rent controls. Suppose that San Francisco sets a rent control of $400 per month on? one-bedroom apartments. The rent control will create a _____ of apartments equal to______
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