Help please 8. Producers tend to ignore cost that they can avoid-inefficient allocation of resources-no artifical obstacle-market fialure-unbridled competition-polluted rivers (edited)9. An example of a significant spill-over cost-Inefficient allocation of resources-destructive production method-identical products-artifical obstacles-polluted rivers10. (gap) pertains to a market situation where thereis a relatively large number of small producersselling (gap) products11. Product of differentiation leads some consumersto (gap) of one producer over those of the others.On the other hand, producers or sellers chargesomewhat different prices depending on (gap).12. Because of (gap) producers are willing to spendsignificant amount of money for (gap) to increasesales13. Seller has some degree of control over the price-product differentiation-high degree of accuracy-imaginary differences-entry blocked-real differences

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8. Producers tend to ignore cost that they can avoid -inefficient allocation of resources -no artifical obstacle -market fialure -unbridled competition -polluted rivers (edited)

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter12: Environmental Protection And Negative Externalities

Section: Chapter Questions

Problem 11SCQ: The state of Colorado requires oil and gas companies who use fracking techniques to retune the land...

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Identify whether the market supply curve will shift right or left or will stay the same for the following: Films in an industry are required to pay a fine for their carbon dioxide emissions. Companies are sued for polluting the water in a river. Power plants in a specific city are not required to address the impact of their air quality emissions. Companies that use fracking to remove oil and gas from rock are required to clean up the damage.
Classify the following pollution-control policies as command-and-control or market incentive based. A state emissions tax on the quantity of carbon emitted by each firm. The federal government requires domestic auto companies to improve car emissions by 2020. The EPA sets national standards for water quality. A city sells permits to films that allow them to emit a specified quantity of pollution. The federal government pays fishermen to preserve salmon.
3. Suppose the Canada can produce cattle or corn with a given amount of resources. Below is a graphdepicting the production possibility frontier for Canada and the marginal benefit and cost of a bushel ofcorn. Discuss the relationship between the marginal cost and marginal benefit of corn and the production ofboth corn and cattle.(a) Discuss the overallocation of resources, underallocation of resources, and optimal allocation of resources. (b) When operating at the optimal level of corn production, what is the optimal level of cattle production? Whyis this the optimal amount (why not more or less cattle)?
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Table 10-1 Quantity (Units) Private Value (Dollars) Private Cost (Dollars) External Cost (Dollars) 1 28 16 4 2 26 18 4 3 24 20 4 4 22 22 4 5 20 24 4 6 18 26 4 7 16 28 4 Refer to Table 10-1. What is the equilibrium quantity of output in the market? Group of answer choices 3 units 2 units 5 units 4 units
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1.The prairie dog has always been considered a problem for American cattle ranchers. They dig holes that cattle and horses can step in and they eat grass necessary for cattle. Recently, ranchers have discovered that there is a demand for prairie dogs as pets. In some areas prairie dogs can sell for as high as $150. Cattlemen are now fencing off prairie dog towns on their land so these towns will not be disturbed by their cattle.Draw a production possibilities frontier showing a rancher's production option between cattle production and prairie dog production showing increasing opportunity cost and show what would happen in each of the following situations. (Use a separate graph for each situation.)a. The outcome is efficient, with ranchers choosing to produce equal numbers of cattle and prairie dogs. b. As a protest against the government introducing the gray wolf back into the wild in their state, ranchers decide not to use 25% of the available grassland for grazing. c. The price of…
K What are the obstacles to achieving an efficient allocation of resources in the market economy? The obstacles to achieving an efficient allocation of resources in the market economy include OA. taxes and subsidies, externalities, monopoly, and public goods B. rising wage rates, technological advances, falling oil prices, and changes in preferences C. rising wage rates, externalities, technological advances, and common resources D. taxes and subsidies, falling oil prices, monopoly, and changes in preferences Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.
Question: Suppose the United States can produce cattle or corn with a given amount of resources. Below is a graph depicting the production possibility frontier for the United States and the marginal benefit and cost of a bushel of corn. Discuss the relationship between the marginal cost and marginal benefit of corn and the production of both corn and cattle. (a) Discuss the overallocation of resources, underallocation of resources, and optimal allocation of resources. (b) When operating at the optimal level of corn production, what is the optimal level of cattle production? Why is this the optimal amount (why not more or less cattle)?
1. Hoverboards and the Factory Market Area: Suppose there is a single shoe factory in the region. The factory competes with homemade shoes and will sell shoes to any household for which the net price of factory shoes is less than the cost of homemade shoes. The cost of a homemade shoe is the opportunity cost of the time required to make the shoe at home, that is, the one gallon of milk that could be produced instead. Suppose the higher cost of living and commuting requires compensation of 0.80 gallons of milk per hour. Each worker produces 10 shoes per hour, so the average labor and capital cost are 0.18 gallons of milk and 0.12 gallons of milk respectively. The factory price of shoe (equal to the average production cost, sum of the average labor cost and the average capital cost) is 0.30 gallons of milk. A round-trip mile involves one mile of travel to a location and one mile back, for a total distance of two miles. Linear travel cost 20 miles /hour. Therefore, the typical person…
a) Explain in detail the importance of pm and qmin graphic above, what happens and why it happens within a competitive market b) Explain what happens when a competitive market is at p1and q2 above and why it happens. Also include a discussion of marginal benefits, marginal costs, and components of social surplus RESOURCE ECON
2. The prairie dog has always been considered a problem for American cattle ranchers. They dig holes that cattle and horses can step in and they eat grass necessary for cattle. Recently, ranchers have discovered that there is a demand for prairie dogs as pets. In some areas prairie dogs can sell for as high as $150. Cattlemen are now fencing off prairie dog towns on their land so these towns will not be disturbed by their cattle.Draw a production possibilities frontier showing a rancher's production option between cattle production and prairie dog production showing increasing opportunity cost and show what would happen in each of the following situations. (Use a separate graph for each situation.) a) The government grants new leases to ranchers, giving them 10,000 new acres of grassland each for grazing. b) A drought destroys most of the available grass for grazing of cattle, but not prairie dogs since they also eat plant roots.