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Two very different commercial sectors produce a common airborne pollutant located in two different geographic regions. One has marginal benefits of pollution of 100-2e1 while the other has marginal benefits of 80-e2.
a. Write the equation for the total demand for emissions across both sectors. Does one sector have uniformly lower marginal abatement costs than the other? What is the total amount of emissions in the absence of regulation?
b. A cap and trade program is created with an initial allocation of 100 permits. After trading occurs, what will be the market price of a unit of quota? How much will each sector emit?
c. Assuming that the initial allocation of quota was proportional to the historical shares of pollution in the previously unregulated market, who is a buyer and a seller in part b and how much quota changes hands?
d. It is later found that the marginal damage function from emissions is MD=(e1+e2)=E. How does the efficient level of emissions compare to the level achieved under the cap and trade policy above? Graphically, depict the net loss to society (the deadweight loss in econ-speak) from over/under abatement of pollution.
Define the term "opportunity cost." Now that you have a definition of opportunity cost weigh the positives and negatives of taking a leave of absence from work and moving out of town to attend college full time, or maintaining your job while atten..
Assume the ratio of deposits that banks hold in the form of reserves is 7 percent. Assume further that people want to hold 8 percent of their deposits in the form of cash.
What is the difference between elastic and inelastic demand. Please be precise. If a restaurant increases its price of coffee from $ 1.00 to $ 1.20 and quantity demanded falls from 100 cups to 80 cups. How can I compute the price elasticity of dema..
35 percent Turkey growers operate in a competitive, stable cost industry. This industry has reached a long run equilibrium at a price of $1 per pound of turkey
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Use an indifference curve-budget line analysis to depict the situations, prior to the ban on smoking, of a student who smoked on campus, and of a student who did not smoke.
From what you know about these firms' cost structures, what is the highest possible price per unit that could exist as the market price in long-run equilibrium?
Assume that both magazines are owned by the same publishing company that maximizes the combined profits of the magazines. Will the company make the same choice as in the noncooperative game (i.e., owned by different publishing companies)?
The long-run aggregate supply curve is vertical at economy's potential output level. Why is the long-run aggregate supply curve situated at his level of output rather than below or above the potential output level?
The price of Labor (L) is $50 for each unit and the price of capital (C) is $20 per unit. How much labor and capital should Joy employ to produce 100,000 units? Find out the total cost of production?
Demonstrate that under this analysis commodity movement and factor movement are substitutes for each other.
The perfectly competitive company takes the equilibrium value set through the market and maximizes profit through manufacturing where price, which also equals marginal revenue, is equal to marginal cost.
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