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Examine the following marginal costs and marginal benefits associated with air cleanliness in a given locale:
Quantity of Clean Air (%) Marginal Cost ($) Marginal Benefit ($)0 50,000 600,00020 150,000 360,00040 200,000 200,00060 300,000 150,00080 400,000 120,000100 Infinite 0
What is the optimal degree of air cleanliness?
What is the optimal degree of air pollution?
Suppose that a state provides subsidies for a company to build plants that contribute to air pollution. Cleaning up this pollution causes the marginal cost of air cleanliness to rise by $210,000 at each degree of air cleanliness. What is the optimal degree of air cleanliness after this change?
An individual has to choose between investment A and investment B. The individual estimates that the income an dprobability of the income from each investment are as given in the following table. Using Excel statistical tools, calculate the standar..
The mean gross annual incomes of certified welders are normally distributed with the mean of $23,577 and a standard deviation of $2,358. The ship building association wishes to find out whether their welders earn more or less than $23,577 annually..
The energy Department estimates that domestic demand for natural gas will grow by more than 40 percent between now and 2025. Distinguish between a demand function and a demand curve.
Sally earns $3,000 per month on two goods, A and B, whose prices are $30 and $60 respectively. She is currently spending half her income on each good and maximizing her utility. How much of each good is she consuming
Bill Mitselfik borrowed $10,000 to be repaid in quarterly installments over the next five years.The interest rate he is being charged is 12% per year compounded quarterly. What is his quarterly payment
Run OLS to estimate the inverse demand function(P = f(Q)), determine how much confidence do you have in this estimated equation? Apply algebra to then find the direct demand function
A monopolist has two types of customers.There are 100 of type A, who will each pay up to $10 for a single unit of the good, and 50 of type B, who will each pay up to $8 Neither is willing to purchase additional units at any price. If it must charg..
one in Toronto, Ontario, and the other in Halifax, Nova Scotia. Assume that both jobs were equally interesting to Sam and that he was indifferent between relocating to Toronto or staying in Halifax. Both positions offered a salary of $52,000.
Calculate the total effect on welfare of a tariff of 5 per unit levied on imports. Calculate the total effect of a production subsidy of 5 per unit. Why does the production subsidy produce a greater gain in welfare than the tariff? What would the opt..
Construct a graph showing supply and demand in the electronic dog feeder market, using Microsoft Excel. How are the laws of supply and demand illustrated in this graph Explain your answers. What is the equilibrium price and quantity in this market As..
data for a firm's output at various levels of employment (L) to calculate: a) its marginal physical product of labor (MPPL) schedule; (b) its (MPPL/MRCL) schedule, given a fixed wage (W = MRCL) of $25 per hour per worker. (c) Assuming that capital..
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