Homework Answers
The TRUE statements are:
- The term "cap and trade" describes regulation by marketable permits.
- Marketable permits provide their owners with the right to pollute a specified amount.
- Marketable permits typically achieve pollution reduction at a lower cost than command-and-control regulation.
The only FALSE statement is:
- Compared with no regulation, regulation with marketable permits decreases firms' costs.
- Pollution taxes are more effective at reducing pollution than marketable permits.
(Rather it increases the firms' costs)
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Possible Solutions
Total Cost of eliminating 2 units of
pollution
The options for the first fill in the blank (Firm X) are: $295,
$120, $215, $320.
The options for the second fill in the blank (Firm Y) are:
$1250, $800, $1850, $1500
The options for the third fill in the blank (Firm Z) are: $180,
$250, $230, $100
The options for the forth fill in the blank are: $1490, $2420,
$1625, $1645
Firm X
Firm Y
Firm Z
Initial pollution...
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True/False Indicate whether the statement is true or false. 10. Inferential statistics allow us to make genetalizations about populations based on the results obtained from studying samples. 11. A recent report concluded that participants assigned to a regular exercise program had lower depression scores than participants who were not allowed to exercise regularly. For this study, depression is the dependent variable. True 12. Men's shirt sizes are classified as small, medium, large, and extra large. This is an example of...
Joulutet 3. Assume that a firm has the following marginal benefit of pollution (denoted E for emissions, measured in tons): MB=150-5 E e. Now assume that instead the government allocates each firm permits to pollute equal to the total current pollution minus 12 tons, but allows the firms to trade. Which firm will purchase permits and which firm will sell permits? Hint: Notice that total pollution reduction of firm 1 plus firm 2 will be 24 tons. f. How much...
Indicate whether each of the following statements about enzymes is true or false. (Q12- 12. To be effective, they must be present at the same concentration as their substrate A. True B. False 13. They increase the equilibrium constant for the reaction, thus favoring product format A. True B. False 14. They increase the rate at which substrate is converted to product A. True B. False 15. They ensure that all substrate is converted to product. A. True B. False...
7. Correcting for negative externalities- Regulation versus tradable permits Suppose the government wants to reduce the total pollution emitted by three local firms. Currently, each firm is creating 4 units of pollution in the area, for a total of 12 pollution units. If the government wants to reduce total pollution in the area to 6 units, it can choose between the following two methods: Available Methods to Reduce Pollution 1. The government sets pollution standards using regulation. 2. The government...
15. Problems and Applications Q9 Indicate whether each of the following statements is true or false True False 1. Two countries can achieve gains from trade even if one of the countries has an absolute advantage in the production of all goods 2. Certain very talented people have a comparative advantage in everything they do 3. If a certain trade is good for one person, it can't be good for the other one 4. If a certain trade is good...
True/False Explain. Indicate whether each of the following statements is true or false and then explain why you think this, Include in your explanation any pertinent institutional details and economic reasoning (including appropriate graphs and equations). a. Suppose you are interested in estimating the elasticity of demand for medical care. A good way to do this would be to compare the quantity demanded by people with insurance to the quantity demanded by people who chose not to buy insurance, and...
Possible Solutions
Total Cost of eliminating 2 units of
pollution
The options for the first fill in the blank (Firm X) are: $295,
$120, $215, $320.
The options for the second fill in the blank (Firm Y) are:
$1250, $800, $1850, $1500
The options for the third fill in the blank (Firm Z) are: $180,
$250, $230, $100
The options for the forth fill in the blank are: $1490, $2420,
$1625, $1645
Firm X
Firm Y
Firm Z
Initial pollution...
True/False Indicate whether the statement is true or false. 10. Inferential statistics allow us to make genetalizations about populations based on the results obtained from studying samples. 11. A recent report concluded that participants assigned to a regular exercise program had lower depression scores than participants who were not allowed to exercise regularly. For this study, depression is the dependent variable. True 12. Men's shirt sizes are classified as small, medium, large, and extra large. This is an example of...
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