S $2.00 D $1.50 $1.00 20 27 28 30 35 Millions of Gallons of Milk Per Week Refer to the above diagram for the milk market. If the price were $1.50 per gallon, then there would be Price (per gallon)
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- A city currently emits 15 million gallons (MG) of raw sewage into a lake that is beside the city. Table 12.13 shows the total costs (TC) in thousands of dollars of cleaning up the sewage to different levels, together with the total benefits (TB) of doing so. Benefits include environmental, recreational, health, and industrial benefits. Using the information in Table 12.13 calculate the marginal costs and marginal benefits of reducing sewage emissions for this City. What is the optimal level of sewage for this city? How can you tell?In a market without environmental regulations, will the supply curve for a film account for private costs, external costs, both, or neither? Explain.The government allows sulphur dioxide emissions of 4 parts per billion and has a tradable permits program. The 2 firms in the market pollute at a rate of 5 parts per billion and 6 parts per billion respectively. The 2 firms have the following costs to reduce emissions. The least expensive way to reach the government’s mandate is: Reduction of Sulphur Dioxide Cost - Firm 1 Cost - Firm 2 By 1 part per billion $200,000/year $80,000/year By 2 parts per billion $420,000/year $200,000/year By 3 parts per billion $700,000/year $340,000/year By 4 parts per billion $1,200,000/year $650,000/year Group of answer choices $400,000. $200,000. $340,000.
- 1. As a courtesy to its customers, a car rental agency ensures that each car it rents comes with a full tank of gas.In turn, the customer must choose—at the time the car is rented—one of the following three options(alternatives) for returning the car at the end of the rental period:A. Return the car with a full tank of gas.B. Return the car with less than a full tank and pay $5.00 per gallon to have the agency refill it.C. Accept a flat price of $45 for gas, regardless of how much gas is in the tank when returned.Suppose a customer rents a car and wants to select the most economical refueling option. The car has a 16-gallon gas tank and, on the average, can travel 25 miles per gallon of gas. And, if needed, the cost of gas in thearea where the customer will be renting and using the car is $3.50 per gallon.(a) Who are the stakeholders in this decision and who, among the stakeholders, is the decision maker?(b) The textbook states that economic decision-making problems can be classified…'Qs=35+8p Qd=106-2p' Find equilibrium rice and equilibrium quantityTrue or False If it costs $1 million to remove 90% of some pollutant from industrial wastewater, then removal of the next 9% might cost an additional million dollars. To get the water 99.9% clean might cost a total of $3 million, and so on.
- Endanger animals such a panda is non-use value. 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. (250 words or fewer.) (In environmental view)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.4.3 and 4.4 solution needed urgently
- In 1976, the parents of a seven-year-old boy sued a New York hospital for$3.5 million. The boy was blinded shortly after he was born two weekspremature. His parents claimed that hospital doctors administeredexcessive oxygen to the baby and that this caused the blindness. Thecase went to trial, and just as the jury announced it had reached averdict, the lawyers for the two sides arrived at an out-of-courtsettlement of $500,000.a. If you were the parents, how would you decide whether to accept thesettlement or wait for the jury’s decision? What probabilityassessments would you need to make? Would you have accepted thesettlement?b. Answer the questions in part (a), taking the hospital’s point of view.The marginal benefit of being able to emit a ton of sulphur dioxide emissions for twofirms are given by:MBX = 320 – ( Ex / 3 )MBY = 500 – ( Ey / 2 )Note that these marginal benefit figures can be interpreted as marginal cost of abatingemission down to levels Ex and Ey.Government regulators want to reduce total sulfur dioxide emissions to a total of 1200tons.a) If the government imposes the same standard of 600 tons maximum emissions onboth firms what would be the total cost of abatement (calculated as the aggregatedmarginal benefits forgone)?b) If the government distributed 600 tradable pollution permits to each firm whatwould be the final allocation of these permits after the firms trade them? Whatwould be the total cost of abatement in this latter case?Price per bushel Quantity Demanded (bushels) Quantity Supplied (bushels) US$2 40,000 0 4 36,000 4,000 6 30,000 8,000 8 24,000 16,000 10 20,000 20,000 12 18,000 28,000 14 12,000 36,000 16 6,000 40,000 How many bushels will be sold if the market price is US$6 per bushel? If the market price is US$6 per bushel, what must happen to restore equilibrium in the market? At what price will suppliers be able to sell 36,000 bushels of wheat? Suppose the market price is US$14 per bushel. Is there a shortage or a surplus in the market? What is the quantity of the shortage or surplus? How many bushels will be sold if the market price is US$14 per bushel? If the market price is US$14 per bushel, what must happen to restore equilibrium in the market?