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Suppose that the inverse demand for shale gas is given by p = 400 - 2q. The private marginal cost of producing shale gas is PMC = 100 + q. Suppose that in order to produce shale gas at the PMC given above, the oil and gas (O&G) companies (that produce the gas) must transport drilling equipment and millions of gallons of water to and from the shale gas well. Suppose that visual disamenities, air pollution, and noise pollution impose costs of (1/10)q on each of 20 households near the well.
Imagine that a regulator determines that the O&Gs have a right to cause visual disamenities and air and noise pollution. What is the maximum amount the 20 households (together) would be willing to pay in order to reduce the "pollution" to the socially optimal level? Assume that they are the only ones hurt by the pollution. What is the minimum amount that the O&Gs are willing to accept to reduce pollution to the optimal level? Can an efficient level of shale gas production (and pollution) be achieved by assigning rights to the O&Gs? Must answer all questions to recieve points.
Fancy Gadgets, Inc. has developed a new Thing-A-May-Jig at a cost of $2,000,000. Projected profits from the sale of Thing-A-May-Jigs for the next five years are: $300,000, $400,000, $500,000, $600,000, and $250,000. At the end of the fifth year, t..
According to the following economic indicators, estimate the outlook of this fictitious economy. Although I know what these indicators mean,
Microsoft sells three different programs in their office suite: Word, Excel and PowerPoint. Each has a marginal cost of $15. There are three types of con- sumers, writers, accountants and professor, who have the following values for the three diff..
Suppose the daily demand for coffee in Seattle is Q^d = 100,000(3-P)^2 A. What is the elasticity of demand at a price of $2 B. At what price would the total expenditure on coffee be the largest?
TP TFC TVC 0 $45 $01 45 170 2 45 320 3 45 450 4 45 620 5 45 800 6 45 ..
Compute the opportunity cost in forgone tanks for each additional truck produced: Truck output 0 1 2 3 4 5 Tank output 5 4.5 3.8 3.0 2.0 ..
The total number of movie projections, M, is the sum of the number paid for by each of the two persons: M = MS + ML. Spielberg and Lucas both have income of 70, and the price of both the private good and a movie projection is 1. They are limited, ..
Assume that there are no transactions or carrying costs. Should you buy or sell wheat futures? If each wheat futures contract is for 5,000 bushels, how many contracts will you buy or sell? How much will you spend or receive in buying or selling th..
sales 1990 116 1991 105 1992 29 1993 59 1994 108 1995 94 1996 27 1997 119 1998 34 1999 34 2000 48 2001 ..
Assume that population is 100 in year 1 and 102 in year 2. What is the growth rate of real GDP per capita? (Instructions: Round your answer to two decimal places.) The growth rate of the economy's real GDP per capita = %
sales 1990 116 1991 105 1992 29 1993 59 1994 108 1995 94 1996 27 1997 119 1998 34 1999 34 2000 48 2..
Suppose that a perfectly competitive firm faces a market price $10 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curve at an output (Q) level of 1,200 units. If the firm produ..
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