Foundations of Economics, Student Value Edition Plus MyLab Economics with eText -- Access Card Package (8th Edition)
8th Edition
ISBN: 9780134641843
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Question
Chapter 3, Problem 1IAPA
To determine
Whether Waxman-Markey law achieve production efficiency or not.
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1. Write a sentence or two defining the following terms in your own words. Give examples of each.
a. Planned System
b. Public Goods
c. Recession
B) In his State of the Union address in 2003, President Bush supported the idea of changing from the use of internal combustion engines to fuel cells based on hydrogen as a way of reducing air pollution and the emission of greenhouse gases. Fuel cells are nonpolluting because they only emit water vapor. President Bush proposed having the government subsidize research and development of hydrogen fuel and fuel cell technology. The president did not propose raising taxes on gasoline as a way of encouraging the use of fuel cells and reducing greenhouse gases. Currently, hydrogen is more expensive than gasoline.
3
2. A decision at the margin
Jake is a hard-working college sophomore. One Tuesday, he decides to work nonstop until he has answered 110 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem.
Time
Total Problems Answered
8:00 AM
0
9:00 AM
50
10:00 AM
80
11:00 AM
100
Noon
110
Use the table to answer the following questions.
The marginal, or additional, gain from Jake’s first hour of work, from 8:00 AM to 9:00 AM, is
problems.
The marginal gain from Jake’s third hour of work, from 10:00 AM to 11:00 AM, is
problems.
Later, the teaching assistant for Jake’s economics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 25 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For…
Chapter 3 Solutions
Foundations of Economics, Student Value Edition Plus MyLab Economics with eText -- Access Card Package (8th Edition)
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