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Used automobile batteries can be a serious environmental problem. When dumped into landfills, batteries can leak lead and contaminate nearby water supplies, a negative externality. To explore this issue, consider the following scenario. A small city has a demand for car batteries given by: P = 200 - (3/1000)Q Please note that this is the ordinary market demand before any consideration of externalities. The supply of batteries is perfectly elastic at $50. However, each new battery eventually will be discarded and will contribute to the contamination of the town's water supply. An economist has estimated that the damages are equal to $3 per new battery (that is, all future damages caused by the battery are equivalent to $3 at the time of purchase).
What is the socially efficient number of batteries? Be sure to show your work. Suppose the government wanted to address the problem by imposing a tax on batteries. What should the tax be?
Critics of traditional welfare programs often cite a disincentive to work as a flaw in the policy. Why would these critics be in favor of the Earned Income Tax Credit (EITC)? And why is the EITC described as a negative income tax?
A consumer would gain more utility from purchasing a video game than from purchasing a TV, even though both products they both have the same price
Assume only two countries, China and the US. If China decides to stimulate growth through a policy of running a large export trade surplus, does China’s national saving increase? Show the relationship between China’s national savings, domestic invest..
Derive the Iso-quant curve for this firm. Derive the Expansion path for the firm if w=1 and r=3. Derive the long run cost function if w=1 and r=3. What is the optimal capital and labor if you want to produce 500 units of output?
How can a student apply the ideas of Grit and growth mindset to improve or strengthen their college score?
The marginal product curve of input Y shows. Which of the following is true of a production function?
Malware has become one of the biggest computer security threats to appear. Of the two types, viruses and worms, which do you think poses the biggest.
If you were to learn about a bottle of gatorade increased in size from 2009 to 2010, should that information affect your calculation of the inflation rate. If so, how.
Junior collects baseball cards. He owns one Felix Hernandez card that sells in most shops for $15. He is interested in buying a different Felix card that also sells for $15. According to behavioral economics:
Which region appears to have a comparative advantage in producing cut flowers: Colombia or California? Explain. How have U.S. consumers of cut flowers been affected by the cutback in Colombian imports?
Which of the following is not true when there is an inflationary gap? If a minimum wage law is passed imposing a price floor above the equilibrium price of unskilled labor:
Evaluate any competitors' existing production in the chosen country.
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