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- Why has coal dominated as a fuel source for 24/7/365 electricity generation for so many decades?Market demand for Mandrake roots is given by Q-273-3P. The government of imposes a per unittax of $7 and consumers pay the tax. What is the highest market price of Mandrake at whichconsumers will buy at least 25 units?During the night, the electricity sector has a marginal cost of $1/MWh (megawatt-hour) forthe first 100 MWh produced (from wind turbines), and $20/MWh for each additional unit (from gasgenerators). During the day, they have a marginal cost of $1/MWh (megawatt-hour) for the first 50MWh produced (from solar panels), and $20/MWh for each additional unit (from gas generators).Nighttime and daytime demand are given by QnightD = 50 −P and QdayD = 200 −P , respectively.What are the market quantity and price during the day, and the market quantity and price at night?This is a model of the wholesale market for electricity, which you can think of as being competitive,but there is no resale between night and day.
- Suppose we alocate a foxed supply of a depletable resource between two periods in a dynamically efficient way. Assume further that the demand function is constant in the two periods and the marginal willingness to pay is given by the formula P= 7-0.46q while the marginal cost is constant at $1 per unit. The total supply ls 18 units and the discount rate is 2%. What is the marginal user cost during the first period?The supply and demand functions for maize farmers are given as Qs = - 32 + 10P and Qd = 40 – 2P respectively where Qs is quantity supplied in bags, Qd is quantity demanded in bags and P is the price per bag in Ghana Cedis. (a) Determine the equilibrium price and quantity of maize. (b) As a result of the introduction of a new technology in maize farming, the supply function for maize changes to become Qs = - 20 + 10P. Demand remains unchanged. i. Determine the new equilibrium price and quantity. ii. Derive the supply and demand table for maize before and after the introduction of the new technology for price ranges 3, 4, 5, 6, 7 and 8. (c) Suppose government intervenes in the maize market and fixes a minimum price of GHC8 per bag after the introduction of the new technology. i. What happens in the maize market? ii. Give two (2) measures that the government can take to deal with the situation created by the minimum price in (c) i. aboveDemand and supply in a market are described by the equations Qs= 1800 + 240P Qd= 3550 - 266P a) Solve algebraically to find equilibrium P and Q b) Draw the demand and supply curve and show equilibrium
- If demand and supply of Chinese coal areQd = 60 − 0.5P Qs = −2 + 2P Then, Calculate the dead weight loss of the subsidy, if the subsidy cost is 47.6Along with many other producers, you own a small oil well. The market is very competitive. Themarginal extraction cost is $10 per barrel. The interest rate is 5%. The annual demand for oil isQ = 90,000 – 2,000P where Q is in barrels per year and P is in dollars per barrel.Use your knowledge about Hotelling’s Rule to answer the following questions: Oil is trading for $25/bbl on Jan 1st, 1999. What do you expect the path of oil pricesand extraction quantities to be from 1999-2010 (assuming no shocks to the market)?A day later, on Jan 2nd, 1999, the Wall Street Journal opens with a story that there is now amore reliable reserves estimate. Total reserves are estimated at 760,000 barrels.Along with many other producers, you own a small oil well. The market is very competitive. Themarginal extraction cost is $10 per barrel. The interest rate is 5%. The annual demand for oil isQ = 90,000 – 2,000P where Q is in barrels per year and P is in dollars per barrel.Use your knowledge about Hotelling’s Rule to answer the following questions: Oil is trading for $25/bbl on Jan 1st, 1999. What do you expect the path of oil pricesand extraction quantities to be from 1999-2010 (assuming no shocks to the market)?A day later, on Jan 2nd, 1999, the Wall Street Journal opens with a story that there is now amore reliable reserves estimate. Total reserves are estimated at 760,000 barrels. b. What is the oil price directly after this news becomes public? When will the worldrun out of oil, assuming no more oil is discovered? [Hint: use a spreadsheet.]You have a couple million dollars to spend on Dec 31st, 1999. You decide to quickly buy out allsmall oil producers. By Jan 1st, 2000, you are…
- Y7 1- One Suppose P=8-0.2q in each of the two periods MC in each of the two periods =$4 Supply of the resource is 20 units a)Calculate the Dynamically efficient allocation of this depleted resource over the two periods if the discount rate is 10% b)Calculate marginal user cost in each period 2- Consider the inverse demand functions for two users of water A and B User A P=8-0.2 qA User B P=8-0.2 qB If the marginal cost of providing water is constant and equal to $2 and the supply of water is equal to 30 units, solve for the statically efficient allocation of water among the two usersSharp Inc., a wholly Ghanaian owned company specializes in the production of hand sanitizers branded as Quin. The company has branches in all the regions in Ghana with its head office located at Cape Coast. It employs 1,200 people and pays an average of GHȼ 550.00 as income tax to the government of Ghana on a monthly basis. Suppose that seven thousand, eight hundred and twenty (7,820) units of Quin are produced and supplied by Sharp Inc. but the quantity demanded for Quin is eight thousand (8,000) units. Ceteris Paribus, a GHȼ 20.00 change in the price of Quin results in a change in quantity demanded for and supplied of 4 and 5 units, respectively. [Hint: change in X due to change in Y is given as ]. Given the above information: a) Determine the equilibrium price and equilibrium quantities of Quin . b) Suppose the Government of Ghana in the wake of the COVID-19 pandemic grants a subsidy of GHs 4.50 on each Quin produced. Compute the new equilibrium price and quantities of Quin. c)…Please calculate the total cost of providing a 50% subsidy on purchases of fruit and vegetables at farmers markets by SNAP participants. Assume that you are estimating it for the state of Connecticut with 350,000 SNAP participants. The season for farmers markets and the use of subsidies is 5 months (May-September); subsidies can only be used during this period. Based on prior studies, you know that a typical SNAP participant that attends farmers markets will purchase on average 3 lb of fruit and 2 lb of vegetables per month. Average price for vegetables is $1.5 per lb and the price elasticity of demand for vegetables among SNAP participants is -0.6. Similarly, fruit cost on average $2.5 per lb and the demand elasticity for fruit is -0.8. How much should the state of Connecticut expect to pay in total subsidies each season if only 20% of SNAP participants will attend farmers markets?