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Now suppose instead of consuming pizza, Ann and Bob are choosing how much clean air to consume. Again suppose Ann’s marginal benefit (valued in dollars) is
MBA(Q) = 8 − Q,
while Bob’s is also MBB(Q) = 8 − Q.
a) What will be the aggregate demand for clean air?
b) Suppose the constant marginal cost of clean air is $6, if Ann and Bob individually choose how much clean air to have, how much clean air will be consumed?
c) What is the socially optimal amount of clean air? Show the individual and aggregate demand curves for air, as well as the socially optimal amount of clean air on a graph.
Popular movements like "buy/shop local" seem to contradict the principle of specialization according to comparative advantage. How does the theory of comparative advantage influence your opinion on these movements and why?
In what market type would you most prefer to manage a business? Explain why. What skills do you have that would allow you to be especially successful in this market type?
Illustrate what is the value of the equilibrium exchange rate. Assume the demand for dollars increases by 300 billion at each exchange rate.
q.based on the production function parametera. which industry or industries appears to exhibit decreasing returns to
Illustrate what if accidents costs decrease with precaution. Explain how does this affect efficient level of precaution. Explain.
Two similar surgeries, breast reconstruction and breast augmentation, have different prices. Breast augmentation is cosmetic surgery not covered by health insurance. Patients who want the surgery must pay for it themselves.
how are companies using real options, what types of options exist, why are real options important, who uses real options, where are real options most appropriately used and what are experts saying about real options.
What would be price and profit levels would prevail based on the assumption that a new entry into the local market results in competitive market pricing.
If the money wage rises, all else equal, economists would expect
If this speculation proves to be reality could it put the brakes on rising living standards around the world as well as have negative ramifications for the United States?
the central bank raises the actual inflation rate to 4% which sequence is most such way to occur.
If a coal power plant considers the costs of labor and materials, as well as the broader costs of environmental injuries resulting from its power production processes then Its?
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