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- (2) Diagrammatically show and explain what happened to the oil market if the price remained unchanged despite the concerns over the fuel demand.Ab 7 draw a supply and demand curve to show the influence of demand and supply of fuel following a rise in demand and a slight decline in supply.How should we expect the cost of oil to affect the cost of producing gasoline, diesel and other oil-based products in the US and other parts of the world? Why?
- 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.A company is considering building a bridge across a river. The bridge would cost $2 million to build and nothing to maintain. The following table shows the company's anticipated demand over the lifetime of the bridge: a. If the company were to build the bridge, what would be its profit-maximizing price?Would that be the efficient level of output? Why or why not?b. If the company is interested in maximizing profit, should it build the bridge? What would be its profit or loss?c. If the government were to build the bridge, what price should it charge?d. Should the government build the bridge? Explain.Explain why we will likely never “run out” of a nonrenewable resource such as oil. Does this also imply that we always be able to extract all the oil we need? Explain.
- Many countries have recently passed bans on smoking in restaurants and bars. What is the economic rationale behind these bans? Would there be similar rationales for banning smoking in automobiles? Apartment buildings? Houses?Please helo me with this question There are 50 residents that live in a small town in California. Each resident uses electricity and there is one power station that produces electricity for the residents from coal. Each residents' demand for electricity is Q = 10 - 2P and the supply function for the power plant is Q = 150P. For each unit of electricity that the power station produces, there is a corresponding release of pollution that leads to asthma and other health problems for the 50 residents. The marginal damage of each unit of electricity produced, per person, is $.05. a. What is the market equilibrium price and quantity per unit of electricity? b. What is the efficient Pigouvian tax per unit of pollution? c. The government of this small California town decides to impose the efficient Pigouvian per unit tax on the power station. What is the new social optimum price and quantity per unit of electricity? d. What is the government tax revenue? e. What is the gain in total…10 please quickly thanks ! Researchers have observed that both household consumers and large-scale business consumers do not change their consumption of water even when the price of water increases dramatically. Even when individuals express an interest in consuming less water in order to be more environmentally friendly, water consumption rarely declines. One reason why we may see individuals making sub-optimal decision regarding water consumption is: a.There is a lack of feedback. b.All of these are true. c.Users may be mindless about water consumption. d.The benefits and costs often occur at different times.
- Foster Generators operates plants in Cleveland, Bedford, and York and supplies to four distribution centers. The production capacity, demand, and cost of transportation per unit is provided in the table. Draw the Transportation Network for Foster Generators and upload a clear picture in the next page. 1. What is the Objective Function to minimize the transportation cost of Foster Generators? 2. Which of the following represents the supply from Bedford? A. X31 + X32 + X33 + X34 = 6000 B. X21 + X22 + X23 + X24 </= 6000 C. X12 + X22 + X32 + X42 = 6000 D. X12 + X12 + X12 + X12 </= 6000 E. Answer not given 3. Which of the following represents the demand from Chicago? A. X14 + X24 + X34 = 1500 B. X12 + X22 + X32 = 6000 C. X21 + X22 + X23 = 4000 D. Answer not given E. X12 + X22 + X32 = 4000Discuss why running out of oil would not mean running out of energy.What are (environmental) externalities? Explain one example from production/consumption condition that would result in negative externalities
