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A chemical producer dumps toxic waste into a river. The waste decreases the population of fish, decreasing profits for the local fishing industry by $100,000 per year. The firm could eliminate the waste at a cost of $600,000 per year. The local fishing industry having of many small firms.a) Using the Coase Theorem, describe how costless bargaining will lead to a socially efficient outcome, regardless of whether the property rights are owned by the chemical firm of the fishing industry.b) Why might bargaining not be less expensive?c) How would your answer to part (a) change if the waste decreases the profits for the fishing industry by $40,000? (Suppose, as before, that the firm could eliminate the waste at a cost of $60,000 per year.)
A firm supplied 3000 pens at the rate of Rs 10. Next month, due to a rise of in the price to 22 rs per pen the supply of the firm increases to 5000 pens. Find the elasticity of sup
Objectives of IMF To achieve these objectives, the following conditions would have to be fulfilled: - i. Countries should not impose restrictions in their trade
how much output should a firm produce? 80$ per unit C(Q)=40+8Q+2Qsquared
Q. Cheapening of Materials and Equipments? Expansion of an industry increases the demand for different kinds of materials and capital equipments. This will result in large scal
Policies to cure Balance of Payment deficits The measures available to tackle balance of payments deficits include short term measures such as deflation, import controls, dev
What will be the table of total cost function?
Q. Explain about Utility analysis? A subset of consumer demand theory which analysis consumer behaviour and market demand employing marginal utility and total utility. Key prin
NATIONAL INCOME ACCOUNTING This refers to the measuring of the total flow of output (goods and services) and of the total flow of inputs (factors of production) that pass thro
Strategic Reasons For political or strategic reasons, a country may not wish to be dependent upon imports and so may protect a home industry even if it is inefficient. Many co
Consider an economy with two individuals. Individual 1 has (inverse) demand curve for a public good given by P1=60-2Q1, While individual 2 has (inverse) demand curve for the public
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