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- The state of Colorado requires oil and gas companies who use fracking techniques to retune the land to its original condition after the oil and gas extractions. Table 12.9 shows the total cost and total benefits (in dollars) of this policy. Calculate the marginal cost and the marginal benefit at each quantity (acre) of land restored. See Production. Costs and Industry Structure if you need a refresher on how to calculate marginal costs and benefits. If we apply marginal analysis, what is the optimal amount of land to be restored?(Negative Externalities) Suppose you wish to reduce a negative externality by imposing a tax on the activity that creates that externality. When the amount of the externality produced per unit of output increases as output increases, the correct tax can be determined by using a demand-supply diagram; show this. Assume that the marginal private cost curve slopes upward. Negative Externalities: The Market for Electricity in the Midwest: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.
- Do environmental issues require public intervention in the private marketplace? Distinguish among using tax policy, cap & trade, and regulation to correct any market imperfection, is such exists. Illustrate the impact on the amount of these products being produced and consumed.V1 why is becoming suppliers for foreign firms a good stragey when evntering a foreign marketanswer all please 4. The effects of property rights on achieving efficiency Consider a lake found in the town of Center Barnstead, and then answer the questions that follow. The town has a campground whose visitors use the lake for recreation. The town also has a chemical plant that dumps industrial waste into the lake. This pollutes the lake and makes it a less desirable vacation destination. That is, the chemical plant's waste decreases the campground's economic profit. Suppose that the chemical plant could use a different production method that involves recycling water. This would reduce the pollution in the lake to levels safe for recreation, and the campground would no longer be affected. If the chemical plant uses the recycling method, then the chemical plant's economic profit is $1,500 per week, and the campground's economic profit is $2,800 per week. If the chemical plant does not use the recycling method, then the chemical plant's economic profit is $2,300 per…
- The graphs show the percentage of electricity production by source in 2009 and 2019 for the state of Texas. (d) The Texas state government decided to offer subsidies in 2020 for energy production by wind power in the form of a production tax credit. Explain how these government subsidies would affect the energy production by natural gas by 2030 in Texas.15 ) Based on the data in the above table , to assure that the efficient amount is produced the government can A ) tax or subsidize the suppliers $2 per unit. B ) tax suppliers $3 per unit. C ) subsidize the suppliers $3 per unit. D ) tax suppliers $4 per unit.12. A justification for government intervention in the economy arises from the fact that market systems usuallyproduce ________ outcomes, but they do not necessarily produce ________ outcomes.A Efficient; equitableB Equitable; efficientC Efficient; profitableD Profitable; equitable
- 7. a) State the condition for the Pareto optimal provision of a public good. Interpret the condition. b) Consider agent A with (inverse) demand curve for the public good and agent B with inverse demand , where prices are measured in £ per unit. The marginal cost of producing the public good is £10 per unit. What is the Pareto efficient level of the public good? Explain. Illustrate in a graph. [Hint: Compute the marginal social benefit of the public good by adding up the demand curves vertically, over the p’s] c) Describe the Vickrey-Clarke-Groves (VCG) Mechanism, provide examples and discuss problems with the VCG mechanism.The supply and demand curves for bananas are as follows: QD = 3,750 - 725P QS = 920 + 690P where Q = millions of bushels and P = price per bushel. a) Calculate the equilibrium price and quantity that would prevail in the free market. b) The government has imposed a $2.80 per bushel support price. How much bananas will the government be forced to purchase? c) Calculate the change (gain/loss) in consumer surplus that would occur due to the support program. Does the consumer surplus increase or decrease under the program?1) The provision of education in public school is a) exclusive and rival. b) exclusive and non-rival. c) nonexclusive and non-rival. d) nonexclusive and rival. e) a public good, regardless of exclusivity and rivalness 2) Dry cleaning of clothing produces air pollutants. Therefore, in the market for dry cleaning services, the equilibrium price P paid by consumers a) and output are too low to be optimal. b) and output are too high to be optimal. c) is too low to be optimal, and equilibrium quantity is too high. d) is too high to be optimal, and equilibrium quantity is too low. e) is optimal, but there is an excess supply.
