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Per the Kyoto Protocol, European countries have targeted a reduction of CO2 emissions. There are two main types of coal-fire plants in the EU: one type is designed to be able to be retrofitted with abatement equipment at a lower cost than the other type. The EU government has given its economists the job of figuring out the least costly way to reach the goal of reducing pollution by 120 tons of CO2 this year. The marginal abatement costs for each type of plant are as follows: Type 1: MC1 = 5q1 Type 2: MC2 = 3q2 where q1 is the total tons of CO2 removed by type 1 plants where q2 is the total tons of CO2 removed by type 2 plants The EU implements an emissions tax.
a. Find the tax per ton of carbon that would allow the EU's target to be reached at the lowest cost.
b. Draw the graph and label the tax. Using one of the firms as an example, explain the process by which economic incentives move the firms to the efficient q of abatement.
c. Using your calculations from #1 and additional calculations here, show that the using the tax is the efficient method of abating pollution.
Suppose the consumer has convex preferences, and we know (2, 4) ∼ (6, 1). Is the statement (4, 2.5) Ç (6, 1) correct? What about the statement (4, 2.5) > (6, 1)? Suppose now the consumer has strictly convex preferences, and we know (2, 4) ∼ (6, 1). D..
Analyze five aspects of the transaction, comparing the online experience to a traditional in-store experience. Discuss the advantages and disadvantages for each aspect of the online purchase. What ethical or legal issues do you recognize?
What is the solution of the Solow model for consumption per person in the steady state, c ∗ = C ∗/L∗ ? How does each parameter in the solution affect c ∗ , and why?
In the original formulation, which constraints were binding? use SolverTable to discuss the effects of extending labor on the Objective function. Include a well-formatted table as Exhibit B. What would be your recommendation to Imelda?
Assume that the U.S. dollar and the Japanese yen are the only two currencies in the world. a. A bilateral nominal exchange rate S is the spot (now) exchange value of one currency in terms of the other and S can be written as dollars per 1 yen or yen ..
The US government decides to reduce the government budget deficit by increasing taxes and keeping government expenditures at the existing level. What are the effects of increasing taxes in the short and medium run for the US economy?
An economy consists of 2 agents (A and B) and two goods (x, y) . Each agent has and utility function U(x,y)=x^3 y^2= A,B. Agent A has an intitial allocation of (10,50). Agent B has an initial allocation of (20,10). Show that the line that connects th..
A monopolist sells to two groups of people and practices price discrimination by charging separate prices for each group; students and non-students. This monopolist produces at constant marginal cost MC = 10. What is the price for each group if he ca..
A major state university in the South recently raised tuition by 12%. An economics professor at this university asked his students, "Due to the increase in tuition, how many of you will transfer to another university.
Bob's utility function is UB = (hB - 1)2sB where hB and sB are his consumption of hamburgers and salads respectively. Let p be the price of hamburgers measured in salads. Alice is endowed with one salad and two hamburgers. Bob is endowed with six sal..
Explain using the labor/leisure model and words, how a progressive income tax will affect the budget constraint of the worker and their behavior or how a tax preference (tax deduction) will affect consumption choices.
Suppose two types of students, those from rural areas and those from urban areas, apply to college. There are only two types of performances, excellent and poor. It has been found that a higher percentage of urban students perform poorly than rural s..
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