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Explain how the concept of Nash Equilibrium can be applied to the tragedy of commons.
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- What is the big agriculture dilemma problem in the united states?Two firms are ordered by the Government to reduce their pollution levels. Firm A’s marginal costs associated with pollution reduction are MC = 20 + 4Q. Firm B’s marginal costs associated with pollution reduction are MC = 10 + 8Q. The marginal benefit of pollution reduction is MB = 400 – 4Q. Compare the social efficiency of the three possible outcomes: (1) require both firms to reduce pollution by the same amount;(2) charge a common tax per unit of pollution;(3) require both firms to reduce pollution by the same amount but allow pollution permits to be bought and sold.Define externalities. Also give an example of a negative externality
- The town has a kayak rental and visitors use the lake for recreation. The town also has a chemical lab that dumps industrial waste into the lake. This pollutes the lake and makes it a less desirable vacation destination. That is, the chemical lab's waste decreases the kayak rental's economic profit. Suppose that the chemical lab 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 kayak rental would no longer be affected. If the chemical lab uses the recycling method, then the chemical lab's economic profit is $900 per week, and the kayak rental's economic profit is $2,600 per week. If the chemical lab does not use the recycling method, then the chemical lab's economic profit is $1,600 per week, and the kayak rental's economic profit is $1,500 per week. These figures are summarized in the following table. Complete the following table by computing the total profit (the chemical lab's…Because the free market (competitive) equilibrium maximizes social efficiency, why would the government ever intervene in an economy?From the book: Omnivore's Dilemma, chapters 9-12 for a discussion board A) In an economic transaction between a producer and a consumer, an externalized cost or (negative) externality is a cost to someone who is not involved in the transaction. For example, the consumer doesn't pay for it, and the producer doesn't pay for it. Joel Salatin alludes to this concept when he talks about food that is not “honest.” List three externalized costs associated with food production (and consumption), and try to identify the third part(ies) likely to pay for each. Which cost on your list concerns you the most?
- Table 17-1Imagine a small town in which only two residents, Rochelle and Alec, own wells that produce safe drinking water. Each week Rochelle and Alec work together to decide how many gallons of water to pump. They bring the water to town and sell it at whatever price the market will bear. To keep things simple, suppose that Rochelle and Alec can pump as much water as they want without cost so that the marginal cost of water equals zero. The weekly town demand schedule and total revenue schedule for water is shown in the table below: Quantity(in gallons) Price Total Revenue(and Total Profit) 0 $60 $0 100 55 5,500 200 50 10,000 300 45 13,500 400 40 16,000 500 35 17,500 600 30 18,000 700 25 17,500 800 20 16,000 900 15 13,500 1,000 10 10,000 1,100 5 5,500 1,200 0 0 Refer to Table 17-1. If this market for water were perfectly competitive instead of…Four firms called Elm, Maple, Oak, and Cherry, produce wooden chairs. However, they also produce a great deal of garbage (a mixture of glue, varnish, sandpaper, and wood scraps). The first row of the table below shows the total amount of garbage (in tons) that each firm currently produces. The other rows of the table show the cost of reducing garbage produced by the first five tons, the second five tons, and so on. Elm Maple Oak Cherry Current production of garbage (in tons) 20 40 60 80 Cost of reducing garbage by first five tons $5,500 $6,300 $7,200 $3,000 Cost of reducing garbage by second five tons $6,000 $7,200 $7,500 $4,000 Cost of reducing garbage by third five tons $6,500 $8,100 $7,800 $5,000 Cost of reducing garbage by fouth five tons $7,000 $9,000 $8,100 $6,000 Cost of reducing garbage by fifth five tons $0 $9,900 $8,400 $7,000 Calculate the cost of requiring the Maple firm to reduce the weight of its garbage by one-fourth. Please format your answer as…Use the table to answer the question.Peter and Olga live near a lake with open fishing, and both have fishing boats there. They are the only two sellers in their local fish market. What is likely to be the outcome in a Nash equilibrium? Peter and Olga Fish in the Lake Peter fishes every day Olga fishes every day Both Olga and Peter have smaller and smaller catches over time Peter fishes two times each week Olga catches and sells more fish than Peter Olga fishes two timeseach week Peter catches and sells more fish than Olga Both Olga and Peter have large catches each fishing trip Oa. Both Olga and Peter continue to have large catches on each fishing trip. Ob. Peter catches and sells more fish than Olga. OC. Olga catches and sells more fish than Peter. Od. Both Olga and Peter have smaller and smaller catches over time.
- come up with your own example of positive externality and then another example of negative externality. Briefly explain why they can be considered externalities.Three roommates, Alan, Billy and Casey, are planning to spend the weekend in their dorm room watching old movies, and they are debating how many to watch. Table below indicates their willingness to pay for each movie: 1st movie 2nd movie 3rd movie 4th movie 5th movie Alan $20 $10 $0 $0 $0 Billy $30 $20 $10 $0 $0 Casey $50 $40 $30 $20 $10 Explain why some people believe that the showing of a movie within the dorm room is a public good.Power stations emit sulfur dioxide as a waste product. This generates a cost to society that is not paid for by the firm; therefore, pollution is a negative externality of power production. Suppose the U.S. government wants to correct this market failure by getting firms to internalize the cost of pollution. To do this, the government can charge firms for pollution rights (the right to emit a given quantity of sulfur dioxide). The following graph shows the daily demand for pollution rights. 1) Suppose the government has determined that the socially optimal quantity of sulfur dioxide emissions is 350 million tons per day. One way governments can charge firms for pollution rights is by imposing a per-unit tax on emissions. A tax (or price in this case) of $............per ton of sulfur dioxide emitted will achieve the desired level of pollution. 2) Now suppose the U.S. government does not know the demand curve for pollution and, therefore, cannot determine the optimal tax to…