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In accordance with the dual-control approach, sup- pose New Mexico's NOX abatement standard for existing sources is 5 units (AE) and the EPA's stan- dard for new sources is 12 units (AN). If the two types of sources face the following MAC functions, where each MAC is in thousands of dollars, what economic criterion is violated? Show how you know.
Existing: MACE ¼ 1:8AE New : MACN ¼ 1:2AN
(1)Compute the optimal prices, and the Lerner index and inverseelasticity of demand for each good. (2)Now suppose the goods are produced by two firms that chooseprices simultaneously. Compute the Nash equilibrium and compare
If the industry is perfectly competitive, what will be the total quantity produced? At what price and Which area reflects consumer surplus under perfect com- petition?
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use the following data to calculate a the labor force participation rate b the unemployment rate and c the
Two countries, Sportsland and Foodland, have similar total quantities of labor, capital, and natural resources. Both can produce two goods, figs and footballs. Sportsland’s resources are particularly well suited to the production
Calculate the change in deadweight loss if the U.S. replaces a prohibitive tariff per unit on imported wine by an equal production subsidy per unit of wine sold by U.S. producers.
Gamma Corporation, one of the firms that retains you as a financial analyst, is considering buying out Beta Corporation, a small manufacturing firm that is now barely operating at a profit.
Write down the budget constraint
What are the marginal costs in terms of labor
What are intermediate goods? Why do economists exclude the value of intermediate goods while calculating national income - What is aggregate demand? What are its major components - Explain some of the steps that a government would wish to adopt in an..
Based on the Theory of Consumer Behavior discussed in Chapter Eight, why would consumers start buying iPads in larger numbers instead of larger computers as they did in past decades?
Presume that you make a series of annual deposits into a bank account that pays 10 percent interest. The initial deposit at the end of the first year is $1,200. The deposit amounts increase by $500 in each of the next five years. How much would you h..
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