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- (NON-RENEWABLE RESOURCES) The demand and supply functions for oil for the current generation (in million barrels) is: Demand: Qd = 250 – 5P Supply: Qs = 5P a. Assume the current generation does not consider the future at all. Draw a supply and demand graph showing the equilibrium price (P) and quantity (Q) consumed by this generation showing clearly the numbers for P and Q. b. Assume that the next generation will have the same demand. Supply for both generations is only 250 million barrels. Interest rate (r) is 5%. Calculate the efficient allocation of resources between the two generations. c. Other things being equal, assume that the available oil supply is 200 million barrels. Calculate and graph the efficient allocation of resources been the two generations.Most of Canada’s farming is done in the Tundra and Boreal forest region. a) What could happen to the size of each of these regions if atmospheric carbon dioxide doubled? b) What does this suggest about Canada’s future agricultural potential? c) Why might the picture be nowhere near as positive as your answers to parts b) and c) would suggest?The federal government of Canada is implementing a new excise tax called a carbon tax. Why is the Government implementing a new tax even though new taxes are unpopular? How will the tax impact Canadian businesses in the short run (their input costs, supply, their prices and quantities) and in the long run?
- (NON-RENEWABLE RESOURCES) The demand and supply functions for oil for the current generation (in million barrels) is: Demand: Qd = 250 – 5P Supply: Qs = 5P a. Assume the current generation does not consider the future at all. Draw a supply and demand graph showing the equilibrium price (P) and quantity (Q) consumed by this generation showing clearly the numbers for P and Q. b. Calculate the marginal net benefit (MNB) of consumption on this period and draw the graph. Explain your answer. [Hint: to calculate the MNB, convert the supply and demand curves as a function of quantity, P = f(Q)] c. Assume that the next generation will have the same demand. Supply for both generations is only 250 million barrels. Interest rate (r) is 5%. Calculate the efficient allocation of resources between the two generations. Thank you Bartleby for the help! I really need it!Make a reaction paper regarding the implementation of RA 11203, you must also identify your stance about it. Philippine DA bulletin No. 1 on Rice: Understanding the Rice Tarrification Law (RTL) or RA 11203 | Official Portal of the Department of Agriculture DO NOT PLAGIARISEHello! Can you please answer the remaining questions? [9] Suppose an environmental regulator is concerned with efficient emissions control. The regulator uses its perception about the aggregate marginal abatement cost to determine the emissions tax. What tax rate does the regulator set? [10] Suppose there is uncertainty about firms’ marginal abatement costs. Describe the relationship between AMAC and MD in which taxes would lead to lower efficiency losses compared to permits.
- Please answer parts c, d and e only Andy owns a valuable postage stamp he values at 1,000 dollars. Betty wants to add this stamp to her collection and is willing to pay 1,200 dollars for it. By email, Andy and Betty reach an agreement that Andy will sell Betty this rare stamp for 1,100 dollars. Christine contacts Andy and offers to pay 1.500 to Andy for the stamp because Christine values this stamp at 1,800 dollars. (a) What surplus amount was generated by the original email contract? Why is this amount suboptimal? (b) Andy contacts Betty by email and advises her that he wants a higher price from her because Christine has offered 1,500 dollars for the stamp. Instead of renegotiation, Betty tells Andy that she will be seeking specific performance, a court order that Andy perform the original 1,100 dollar contract. How will specific performance affect the allocation and redistribution of surplus among Andy, Betty and Christine? If transaction costs = 0, would there be a renegotiated…What is the correct overall market price for 2022-2024?You plan to purchase a car for $28,000. Its market value will decrease by 20% per year. You have determined that the IRS-allowed mileage reimbursement rate for business travel is about right for fuel and maintenance at $0.505 per mile in the 1st year. You anticipate that it will go up at a rate of 10% each year, with the price of oil rising, influencing gasoline, oils, greases, tires, and so on. You normally drive 15,000 miles per year. Your MARR is 9%.
- Describe one economic benefit, other than energy cost savings, that may result from increasing the amount of vegetation in cities.The first two drop bar options are ( 1/2 pair, 1/4 pair, 2 pairs, 4 pairs) The third and fourth drop bar options are (euphoria or contente) For the chart Trade action drop bar 1 is (exports 26 or imports 26) Drop bar 2 is (exports 78 or imports 78) drop bar 3 is ( exports 26 or imports 26) drop bar 5 is (exports 78 or imports 78) Thank you for your patience and hardwork!!John is planning to travel to a country where there is some risk of contracting yellow fever. The direct market price for the medication that prevents yellow fever is $125. It would take him 2 hours to visit his doctor and get the prescription filled. The opportunity cost of his time is $25/hour. If he contracts yellow fever we assume that he will be sick and not able to work full days for two weeks. Under these conditions, let's assume he can work half days and has no vacation or sick time to use. His company will not pay him when he is sick and not working. His out of pocket expenses for medication, doctors’ visits, and lab tests to treat the yellow fever will be $500. His normal salary is $1,000 per week. John believes that his chance of getting yellow fever without preventative medicine is about 20%. His chance of getting yellow fever with the medication is 0%. There is no pain and suffering to be considered in this problem. What is the maximum price that John would pay…
