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The most common technology used for dry cleaning clothing uses toxic substances that, if disposed of in drains, will contaminate the water supply and cause brain damage in some people. The cost to society of these health effects has been estimated to be about 35 cents per item of clothing cleaned this way. A clean technique has been invented, that adds 22 cents to the average cost of production. It has only been adopted by 2 firms. Assume that this is a competitive market. a. Describe the externality in this situation. b. What would be the most efficient technology to use (from the economic perspective)? c. Explain why this market will NOT be allocatively efficient (why it will not produce the output with the most surplus). d. Draw a graph showing the externality and the loss in the market. e. Describe a policy that could be used in an attempt to internalize the externality. f. Describe a second policy that might also be used and briefly compare the pros and cons of each policy
A salvage value of $23,000 was realized when the process was discontinued after 8 years. What rate of return did the company make on the process?
Do you think Wrigley's will raise or lower their total Revenue by raising prices? Explain your answer using my favorite term - ELASTICITY. If Wrigley raises the price, he will lower their total revenue because in order to increase the total revenu..
At present current business how do changes in macro environment effect individual companies and industries through microeconomic factors of demand, production, cost, and profitability?
How many units of labor should the firm use in order to produce 400 units of output at the least cost and the minimum cost of producing 800 units of output is what?
How does the investment banks industry fit into the perfectly competitive model - Special characteristics of purely competitive firms
Lindenwood Valley believes the Massachusetts statute violates the U.S. Constitution by denying it due process of law. Lindenwood Valley also claims that the Massachusetts statute should be struck down because it violates the Commerce Clause. The..
If Bayer is currently making normal profits on most of the products in its product line, but is making pure profits on its new Alka-Seltzer Plus with decongestant, what should Bayer do to increase its profits?
A domestic shoe company distributes running shoes and tennis shoes for $95 per pair. The marginal cost of producing a pair of running shoes is $60, and the marginal cost of producing a pair of tennis shoes is $45.
by Richard Easterlin, the level of per capita income achieved in the South after the Civil War remained considerably below that in the rest of the nation as late as 1930. Evaluate the hypotheses that have been suggested to explain the poor econo..
What will be the equilibrium price? What will be the equilibrium output for the industry? For each firm? What will profit or loss be per unit? Per firm? Will this industry expand or contract in the long run?
The difference between the average earnings of eye surgeons and those of janitors is an example of
Consider a $500,000 initial investment, annual savings of $92,500 for a 10-year period, a salvage value of $50,000, and a 10 % MARR applies. Using a spider plot, examine how sensitive the annual worth for the investment is to errors in estimating t..
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