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Question: What is the definition of a negative externality? Give an example not from lecture. 2. Rabbits are everywhere! They are destroying gardens, but many people find them to be cute. (a) Suppose that there are six prospective rabbit owners, each of whom can adopt one rabbit for free. Each prospective rabbit owner derives 4 units of utility from having a rabbit, and none have gardens. How many rabbits will prevail if prospective rabbit owners can freely adopt rabbits? (b) Suppose that we care about the total utility of the six rabbit owners given in part (a), minus the total cost of garden repairs, which equals c(r) = 1 3 r3 for r rabbits. How many rabbits should we allow to be adopted? (c) What general economic concept from lecture does this silly example illustrate? 3. There were 275,924,442 vehicles registered in the United States in 2020. (a) Give an example of an externality associated with an additional driver on a congested road. (b) How can tolls help alleviate this externality? When will a toll booth be Pareto efficient? (c) How should the toll be set? (d) Some cities (e.g., Beijing during the 2008 Olympics) restrict the total quantity of cars,
The following table shows how many glasses of lemonade Ann's lemonade stand can produce using different amounts of labour.
What do you expect to occur? How might the expected change affect your company's weighted average cost of capital? Investment?
I need the interpretation of the coefficient b1 = 5.0 for the independent variable x = age (years), when it is obtained from a multiple regression model with y
There are only 2 firms in a market facing same demand curve as follows: Q = 120 – 10P The marginal cost of each firm are, respectively, MC1 = 4 + 0.2 Q1 and MC2 = 4 + 0.2 Q2 a). Find the profit maximization level of output for both firms. b). which f..
Define power as used in management of business. Define power as used in management of business.
The proposed American Health Care Act will issue refundable tax credits (i.e. your paid health insurance premium can be refunded as tax credit)
Fill in the column of marginal products. What pattern do you see. How might you explain it. Compare the column for average total cost and the column for marginal cost. Explain the relationship.
Suppose that initially the price is $20 in a perfectly competitive market. Firms are making zero economic profits. Then the market demand shrinks permanently, some firms leave the industry, and the industry returns to a long-run equilibrium. What wil..
Assume there are two firms that operate in a regulated industry, such as cable tv. In October , the firms must submit proposals to deregulate the industry to th
Elucidate however, was 3 percent in Finland also 1.8 percent in France. From this we can conclude that France's every capita GDP
Explain the effects of either currency inflation or currency deflation (not both) on the domestic firm?
Let the consumer begin in utility maximizing equilibrium at point A on indifference curve I. Next the price of good X changes so that the consumer moves to a new utility-maximizing equilibrium at point B on indifference curve II. Write the linear de..
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