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Nuclear Classmates
Carlos and Mitchell are operating a nuclear power plant in their spare time. They are repairing a broken reactor with some duct tape and Elmer's Glue when a small amount of radiation escapes. It is not deadly, but causes about $100 in damages to everyone in the city with a population of 1 million.
a. Assume the chances of winning at trial are 100%, but the cost of a lawyer is $5,000. Analyze the situation in terms of efficiency, incentives, and outcomes.
b. Can you suggest a solution to this problem? How would it change your answers to part "a"?
c. Assume the chance of winning at trial is 5%. Is there any way that plaintiffs will sue in this situation? What legal remedy could help, and how? Explain.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
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What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
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