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- Kara and Kyle are competing sockeye salmon fishers. Both have been allocated ITQs that limit their catch to 2,000 tons of sockeye salmon each. Kara's cost per ton is $6; Kyle's cost per ton is $10. If the market price of sockeye salmon is $14 per ton, what is the maximum amount Kara would be willing to pay per ton for Kyle's ITQs? Multiple Choice $6. $4. $8. $14.Melanie and Oli are competing Pacific halibut fishers. Both have been allocated ITQs that limit their catch to 1,000 tons of Pacific halibut each. Melanie's cost per ton is $20; Oli's cost per ton is $28.Refer to the information given and assume that the market price of Pacific halibut is $40 per ton. If Melanie pays Oli $10 per ton for his ITQs and then catches her new limit of 2,000 tons, their combined profit would be: $28,000. $32,000. $40,000. $54,000.Kara and Kyle are competing sockeye salmon fishers. Both have been allocated ITQs that limit their catch to 2,000 tons of sockeye salmon each. Kara's cost per ton is $8; Kyle's cost per ton is $12. If the market price of sockeye salmon is $15 per ton, and Kara and Kyle both catch their quota, their combined profit will be Multiple Choice $20,000. $14,000. $30,000. $6,000.
- Melanie and Oli are competing Pacific halibut fishers. Both have been allocated ITQs that limit their catch to 1,000 tons of Pacific halibut each. Melanie's cost per ton is $36; Oli's cost per ton is $40. If the market price of Pacific halibut is $48 per ton, what is the minimum amount per ton that Melanie would have to offer Oli to convince him to sell Melanie his ITQs? Multiple Choice $6. $8. $12. $4.A food manufacturer is trying to maximize profit by selling wheat-based cereal (C) and wheat bread(B) with raw wheat (W). The production functions are: Cereal: C = 30WC – 1.5WC2 Bread: B = 63WB – 2WB2 Constraint: WC + WB = 9,820 Profit is $1.00 per box of cereal and $0.50 per pack of wheat bread. There are 9,820 units of raw wheat available. How much wheat should go to the cereal (WC)? Enter as a value. ROUND TO THE NEAREST WHOLE NUMBER.(J) Suppose the production process of a particular good creates a negative externality such as pollution. Other things being equal, would society be better off if this good were produced by a perfectly competitive market or by a monopoly? a. Society would be better off if this good were produced by a perfectly competitive market, because a perfectly competitive market responds to consumers' desires in the long run b. Society would be better off if this good were produced by a perfectly competitive market, because a perfectly competitive market will produce the quantity where Marginal Revenue equals Marginal Cost c. Society would be better off if this good were produced by a monopoly,
- Imagine that the Australian national rugby union has exclusive rights to organize the games played by the national team. Rugby AU decides that the next match, between the Wallabies and the All Blacks, will be hosted at the Marvel Stadium in Melbourne. Rugby AU has no fixed costs for organizing the game, but it must pay a marginalcost MC of $20 per seat to the owners of the Marvel Stadium. Two types of tickets will be sold or the game: concession and full fare. Based on any official document that attests to their age, children and pensioners qualify to purchase concession tickets that offer a discounted price; everyone else pays the full fare. The demand for full-fare tickets is QF(P) = 120 – 2P. The demand for concession tickets is QC(P) = 80 – 2P. Q)Suppose that Rugby AU becomes unable to verify the age of its customers; thus, the formerly distinct full fare and concessional ticket markets must be combined/merged in one single market. First, write the equation of the merged demand and…In a fishery the long-run harvest function (harvest volume) isH(E) = aE - bE2, with a, b representing positive constants and E is fishing effort.Total cost is TC(E) = CE, with e being the unit cost of effort.Total revenue is TR(E) = pH(E), with p being the constant price of fish.a) Find the open-access equilibrium values of effort and harvest. b) Find the fishing effort that maximizes resource rent, EvEy, and the corresponding harvest,HMEY. c) Find the fishing effort that maximizes sustainable yield (harvest), EMsy. Answer only sub parts b and c.In a fishery the long-run harvest function (harvest volume) is H(E) = aE - bE2, with a, b representing positive constants and E is fishing effort. Total cost is TC(E) = CE, with e being the unit cost of effort. Total revenue is TR(E) = pH(E), with p being the constant price of fish.a) Find the open-access equilibrium values of effort and harvest.b) Find the fishing effort that maximizes resource rent, EvEy, and the corresponding harvest, HMEY.c) Find the fishing effort that maximizes sustainable yield (harvest), EMsy. d) Explain why higher levels of effort (E) beyond a certain point are associated withreductions in long-run total revenue (TR).Explain why it generally is not efficiency- maximizing for society to supply the level of fishing effort that maximizes the sustainable yield.
- Q MB MC 1 30 3 2 27 5 3 23 8 4 18 12 5 12 17 6 5 23 The above table represents the marginal benefit schedule, measured in dollars, for Sheryl, and and the marginal cost, measured in dollars, of a single firm in the market for cinnamon rolls. Suppose the market price is $9 per cinnamon roll. Answer the following questions with whole numbers only. a. How much consumer surplus does Sheryl receive when she buys the first cinnamon roll? $ ___ b. How much producer surplus does the firm receive when it sells its first cinnamon roll? $ ___ c. On how many cinnamon rolls would Sheryl receive a positive amount of consumer surplus? ___ d. On how many cinnamon rolls would the firm receive a positive amount of producer surplus? ___ e. What is the total amount of producer surplus the firm receives if it sells 2 cinnamon rolls? $ ___Suppose that only one firm, Big Foot, sells footballs in the country and international trade of footballs including both exporting and importing is prohibited by government due to Big Foot’s successful lobby. The following equations indicates Big Foot’s market demand and total cost:• Demand: P = 5-0.5Q• Total Cost: TC = 1.5 + 0.5Q + 0.25 Q2where Q is quantity (in 1000) and P is the price measured in dollars. (i) Determine how many footballs Big Foot chooses to produce, the price it will set for its product and its expected profit. Illustrate your analysis with a propermarket diagram.(ii) Evaluate the size of deadweight loss cause by monopoly status of Big Foot. Suppose that the parliament passed a new law that not only allows everyone to sell footballs but also opens international trade of footballs. Suppose further that the market demand in the country remains the same while the price of football in the competitive global market is $3 including shipping and importation fee. Analyse…HighFlyer Airlines wants to build new airplanes with greatly increased cabin space. This will allow HighFlyer Airlines to give passengers more comfort and sell more tickets at a higher price. However, redesigning the cabin means rethinking many other elements of the airplane as well, like engine and luggage placement, and the most efficient shape of the plane for moving through the air. HighFlyer Airlines has developed a list of possible methods to increase cabin space, along with estimates of how these approaches would affect the planes operating costs and ticket sales. Based on these estimates, Table 13.5 shows the value of R, how much should the firm invest in R on top of the private return; that is, an R private return to HighFlyer Airlines would have a 9 social return. How much investment is socially optimal at the 6 interest rate?