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- multiple choice To help reduce the price of oil, new supplies are needed. However, in 2013, objectors opposed attempts to explore new sites because of the environmental damage the exploration might cause. How does this illustrate the basic economic problem? A Oil is a limited resource. B Oil is expensive. C The exploration involves demand and supply. D There are external costs involved in production.Lecture: Externality - Pigou8. All-Leather is a tanning company located on Lake Michigan in Chicago. Its total cost functionis C(QA) = 125 + 8QA + 5QA2, where QA is leather production per week in thousands of pounds.a) If leather sells for $408 per thousand pounds, how much leather will All-Leather produce?How much profit does All-leather earn?Enjoy is a beverage company located on Lake Michigan near All-Leather in Chicago. Enjoy’sproduction of beverages is negatively affected by water pollution from All-Leather’s productionof leather. Enjoy’s total cost function to produce beverages isC(QE) = 10QE +3QE2 + 3QA2where QE is Enjoy’s weekly production of beverages, in thousandsof gallons and, as above, QA is All-Leather’s weekly production of leather.b) Is this an example of a pecuniary externality or a real externality? Explain.c) What is the extra cost to Enjoy from an additional thousand tons of leather production by AllLeather (i.e., the external marginal cost of an extra unit of QA…E2 Calculate the SNAP benefit for the family below A family of five living in Reading, PA. The father works full time (40 hrs/wk) for Amazon at $20/hr. The mother works at a local grocery store 30 hours/week at minimum wage. They have three children ages 6 months, 2 years and 3 years. Their monthly rent is $1500/month. They have $1000 in a savings account, and they own a vehicle worth approximately $1500. The family pays $500/month in childcare costs. Determine the number of people in the household. Determine the household resources or assets. Determine the gross monthly income. Determine the net income. (Income after allowed deductions) Determine if the individual/family meets the work requirements. Are they eligible for SNAP benefits? If yes, go to step 7. If not, go to step 8 If the answer to step 6 is yes, calculate the benefit. If the answer to step 6 is no, explain why they are not eligible.
- Air pollution in the country of Gawanza has grown over the last ten years with an increase in manufacturing industries. The government of Gawanza now has a plan to reduce the CO2 emissions into the air by 10% per year over the next 10 years. What do you expect will happen? The marginal cost and marginal benefits to Gawanza of reducing CO2 will be lowest in the last few years of implementing this plan. The marginal cost and marginal benefits to Gawanza of reducing CO2 will be lowest in the last few years of implementing this plan. The marginal cost of reducing CO2 will be the highest and marginal benefits of reducing CO2 will be the lowest in year ten. The marginal cost of reducing CO2 will be the highest and marginal benefits of reducing CO2 will be the lowest in year ten. The marginal cost and marginal benefits to Gawanza of reducing CO2 will be highest in the last few years of implementing this plan. The marginal cost and marginal benefits to Gawanza of reducing…A project management consultant estimated that if a particular project was completed, t years after completion, N thousand persons would benefit directly from the project, where N(t) = t3/3 − 4.5t2 + 16t, 0 ≤ t ≤ 10 For what value of t will the largest number of people receive direct benefits?what is author “Craig VanGrasstek,” definition of WTO
- Consider 3 individuals in a small town: Alice, Bianca, and Claire. There is an NGO who can provide an art museum for their town with the help of local contributions. The higher the contributions, the larger the art collection of the museum. Their respective direct marginal benefits from N works of art are: MBA=7-N, MBB=7-½N, MBC=23-½N2, and their respective marginal costs are: MCA=2, MCB=3, MBC=5. Find each person’s optimal number of art works. Who will contribute and how many works of art will be provided?Give an example of a sustainable government project (or program) thatmay boost the South African economy during times of economicrecession.A project management consultant estimated that if a particular project wascompleted,t years after completion,N thousand persons would benefit directly from the project,whereN(t) =(t 3/3)− 4.5t2 + 16t , 0 ≤ t ≤ 10For what value of t,will the largest number of people receive direct benefits?
- Complete the accompanying table and answer the accompanying questions: a. At what level of the control variable are net benefits maximized? b. What is the relationship between marginal benefit and marginal cost at this level of the variable? Control variable Q Total benefits B(Q) Total cost C(Q) Net benefits N(Q) Marginal benefit MB(Q) Marginal cost MC(Q) Marginal Net benefits MNB(Q) 100 1200 950 210 60 101 1400 70 102 1590 80 103 1770 90 104 1940 100 105 2100 110 106 2250 120 107 2390 130 108 2520 140 109 2640 150 110 2750 160What are the factors of production in the agriculture industry? Explain each factor needed by provide examples of each factor.Differentiate between technical efficiency and economic efficiency with examples
