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- Wonopoly and natural resource prices Suppose that a firm is the sole owner of a stock of a natural resource. a. How should the analysis of the maximization of the discounted profits from selling this resource (Equation 17.63 be modified to take this fact into account? b. Suppose that the demand for the resource in question had a constant elasticity form q(t)=a[p(t)]b . How would this change the price dynamics shown in Equation 17.67? c. How would the answer to Problem 17.7 be changed if the entire crude oil supply were owned by a single firm?Hello! Can you please answer the remaining questions? [9] Suppose an environmental regulator is concerned with efficient emissions control. The regulator uses its perception about the aggregate marginal abatement cost to determine the emissions tax. What tax rate does the regulator set? [10] Suppose there is uncertainty about firms’ marginal abatement costs. Describe the relationship between AMAC and MD in which taxes would lead to lower efficiency losses compared to permits.Discuss the implication of “perishability” in tourism services and its relation to marginal cost in providing the services. Provide TWO (2) examples in your discussion.
- discuss how both microeconomic and macroeconomic factors influence the global automobile industry.Assume Allergan, Inc. is facing a capacity constraint in manufacturing Botox®. Analytically, this implies its marginal cost curve is extremely steep. As Botox® is oftentimes used for cosmetic reasons, it is reasonable to assume consumers have quite elastic demand curves. Hypothetically, assume a forthcoming study will highlight the safety of Botox® for cosmetic procedures. Given this potential study, where should Allergan, Inc. focus its strategic resources? a. Operations, specifically finding ways to lower costs in an effort to justify a price increase. b. Staffing, specifically preparing to significantly increase its staff to prepare for a large increase in the number of units of Botox® sold. c. Marketing/Pricing, specifically preparing to significantly raise the price for Botox®.Assume that a country is endowed with 8 units of oil reserve. There is no oil substitute available. How long the oil reserves will last ifa) the marginal willingness to pay for oil in each period is given by P=8-0.57q. (b) the marginal cost of extraction ofol s constant at $4 Per unit and c) discount rate is 1%?
- The marginal benefit of being able to emit a ton of sulfur dioxide emissions for two firms are given by:MBX = 1000 – ( Ex / 2 )MBY = 600 – ( Ey / 3 ) Note that these marginal benefit figures can be interpreted as marginal cost of abating emission down to levels Ex and Ey.Government regulators want to reduce total sulfur dioxide emissions to a total of 1800 tons.a) If the government imposes the same standard of 900 tons maximum emissions on both firms what would be the total cost of abatement (calculated as the aggregated marginal benefits forgone)? b) If the government distributed 900 tradable pollution permits (one ton each) to each firm what would be the final allocation of these permits after the firms trade them?c) What would be the total cost of abatement in this latter case?[9] Suppose an environmental regulator is concerned with efficient emissions control. The regulator uses its perception about the aggregate marginal abatement cost to determine the emissions tax. What tax rate does the regulator set? [10] Suppose there is uncertainty about firms’ marginal abatement costs. Describe the relationship between AMAC and MD in which taxes would lead to lower efficiency losses compared to permits.Your current prices are $311 in the southwestern region; $278 in the western-region and $240 in the New England region. Your marginal cost is now $212.21. Given the predicted changes in the quantity demanded by region per problem 1 and using the stay even analysis %ΔQd = %ΔP/[%ΔP + ((P-MC)/P)], can you raise the price by 7% in any of the regional markets? State you conclusion and then show all the steps supporting your conclusion. (Note you are not being asked to compute the new price.)
- Explain why non-use, or passive use values, cannot be valued either by observing their prices in markets or with revealed preference techniques. Finally, explain how stated preference techniques can be used to estimate non-use value.2. You are preparing to market this year's calf crop and want to decide if you would like to precondition your calves this year. If you decided to sell your calves at weaning, you would expect to market them at approximately 425 at price of $1.80 per pound. Alternatively, you have the option to precondition your calves for 45 days in a dry lot, castrate your bulls, and provide a round of vaccinations. You expect that the additional 45 days of feeding will get your calves up to a market weight of 550 pounds. Under normal circumstances, these calves would bring $1.65 per pound at the sale barn, but you also expect that you can charge a 6% preconditioning premium at the time of sale because you are marketing them directly. a. What is the final sale price for the 550 pound preconditioned calves? b. What is the value of gain for the preconditioned calves? c. If your cost of gain over the 45-day preconditioning period is $1.45 what would be your net profit on these calves?2. A car importer was preparing in September 2021 to accept the 2022 models. In order to clear the stock of cars of older models, it offered in August 2021 a discount of €1,750 from the normal price of €52,500. As a result, sales increased from the average level of 50 units to 75 units in the month of August. (a) On the basis of the normal price, calculate the price elasticity. b) What discount had to be made in September in order to sell the remaining stock of 90 cars of model 2021?
