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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 plant Suppose the EU now institutes a cap and trade system. Each permit is good for one ton of carbon abatement. The total cap is 120 tons. Each of the two plant types receives an equal amount of permits.
a. What is the market price for permits?
b. Who buys permits, and who sells them? How many does each trade? Show on a graph. Label the supply and demand for permits.
Consider a Bertrand model with two firms facing the market demand Q(p)= 100 - p . Both firms have a constant marginal cost of 20. The firms compete over prices, but each firm has a production capacity of 25 units. If Firm 1 believes that Firm 2 will..
Which of the following would shift the short-run aggregate supply curve to the right?
What is the cartel and what prerequisites are required for a cartel to be successful? How do these prerequisites apply to labor unions, OPEC, NCAA, AMA(American Medical Association), and the ABA(American Bar Association)? Do college accredited agenci..
What is the biggest beneficiary of the primary market (of the multi-sided network effects) for the Windows Operating System?
What are the four roles that states can play in negotiated global environmental regimes? What determines what role a state might play? Why do states sometimes shift roles?
Determine what are some of the philosophies that influenced Latin America? In what way did they impact the cultures of Latin America?
Suppose the US economy is in a recession and in our personal opinion, need to select a single strategy from this list. (monetary policy, fiscal policy, supply-side policy, or laissez faire policy) Which one is best to bring the economy back to full e..
For each level of output except zero output, calculate the average variable cost, average total cost and average fixed cost.
Explain why the firm will or will not experience diminishing marginal returns to labor in the short run if its production function is.
List two unbiased estimators and their corresponding parameters. (Select all that apply.)
Discuss three ways that parties organize American politics. Consider how politics organize our thinking, campaigns and elections, and Congress. Use an example from current events to illustrate each one of these dimensions.
If the total cost of 20 units of a product is $20, and the total cost of 21 units is $21, then from 20 to 21 units of product the: Marginal cost is decreasing. Marginal cost equals average variable cost. Average total cost equals average variable cos..
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