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Suppose the marginal social benefits curve for crude oil is MSB = 60 – 0.6Q and the marginal total cost curve is MTC = 20 + 1.4Q, where Q denotes the dynamically efficient quantity of barrels to be extracted from an Albertan oil field (in millions), on an annual basis.1 Suppose that the current quantity extracted is 30 million barrels. Is this the dynamically efficient quantity? Explain.
Now suppose that the marginal current cost (MCC) of extraction is given by MCC = 20 + 0.4Q. Illustrate the MSB, MTC, and MCC on a graph. At the dynamically efficient quantity, what is the marginal resource rent (MRR) and the user cost (UC)? Are they the same as the MRR and UC at Q=30? Explain.
If the farmer rented her land from a landowner, would she have the same incentives to control soil erosion. Illustrate would the landowner have an incentive to control erosion.
suppose at the current level of labor used the mrp 100 and the mfc 50. to maximize profits the firm shouldadditional
We know that investment spending depends on real interest rates, yet the demand for money is dependant on nominal, not real, interest rates. Why should money demand be dependant on nominal rates?
Assume that you have two ways to get the money, one way is to have it at present, so PV=10,000, another way is to get it in the future, so FV=11,000. Which one would you like to choose ? Why?
Human resources that perform the functions of organizing, managing also assembling the other factors of production
5.the benefit of cutting down a forest is 1 million now. the environmental cost of that harvest is 10year forever.1 at
If the actual price level exceeds the expected price level reflected in long-term contracts, real GDP equals __________ and the actual price levels equals _________ in the short run. List three factors that can change the economy’s potential output. ..
Compare and contrast the views of Easterly and Banerjee and Duflo on the relationship between governance and economic development. Which do you find most persuasive? Explain your answer.
Roy is a single person. He earned $75,000 last year. Among his expenditures last year were $10,000 on interest on his home mortgage, $2,500 payment on the principle of his home loan, $700 in charitable contributions, and $392 for food. And the person..
The demand equation for a company's product it Q = 500 - 3P + 2Pi + 0.1I where Q is the quantity demanded of its product, Pi is the price of its rival's product, and I is the per capita disposable income (in dollars). At present, p = $10, Pi = $20, a..
What are the key features of the consumption function? What causes consumption to rise or fall? Does the level of consumption deserve concern today?
Jet Blue Corporation continuously offers fare discounts to attract customers awareness about the company, increase market share and increase revenues on the routes in the USA market.
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