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This question about the Coase theorem refers to the graph drawn at the end.
a) Suppose that polluters have the right to emit pollutants unrestricted and baseline emissions are at E=300. Explain why E*=200 is the efficient level of emissions. Why will it be reached when polluters have the right? What will be the increase in social welfare?
b) In negotiation, victims agree to pay polluters $75 per unit of pollution reduced. What will be the net gain for polluters and victims under this payment when pollution is reduced from 300 to 200? What will the social welfare be here? Now suppose that instead of a fee per unit, the victims agree to pay the polluters a fixed fee of $8000 to reduce pollution from 300 to 200. What will be the social welfare, net gain by polluters and net gain by victims?
c) Now suppose that victims have the rights. Calculate the increase in social welfare when polluters negotiate an increase in pollution from 0 to 200.
d) In negotiation, the polluter agrees to pay the victims $75 for each unit increase of pollution when pollution is increased from 0 to 200. What will be the net gain for polluters and victims under this payment when pollution is increased from 0 to 200? What will be the social welfare?
The demand function for a firm’s product is Q = P^(-3). The firm’s marginal cost of production is constant at MC(Q) = 12. Calculate the elasticity of demand, as a function of Q. Based on your answer to (c), what is the firm’s profit-maximizing price?
Find the probability that the fencer finishes the tournament with at leaset one working blade?
Which of the following is true concerning negative externalities?
Describe the socialism and give some examples of countries that have employed it.
During the fall 2012, public school teachers in Chicago went out on strike over, among other things, salary and pay systems, performance reviews based on standardized test scores, and job protection for laid off teachers. Some people argued that the ..
Calculate the effective rate of protection if there is no import tariff on the imports of either steel or copper.
1. 'The economy is in a recessionary gap What are the fiscal policy options available to the government?
q.a consumer who conforms to the von neumann morgenstern axioms is faced with four situations a b c d. he prefers a to
What are carrying costs in the denominator of the economic order quantity (EOQ) formula? How do large carrying costs affect the economic order quantity?
What was the annual change in the average selling price? How can this problem be worked out in an excel sheet?
Explain where is the economy operating relative to its potential GDP
Calculate by hand the correlation and the test statistic for the correlation test.
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