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Government is working on a policy to reduce greenhouse gas emissions (GHG) from two
coal fired generation plants. Generation technology differs between the two plants
resulting in the marginal abatement cost functions (reducing GHG) that differ.

MC1 = q1
MC2 = 2q2

Assume that the government wants to reduce GHG emissions by 30.

a. If the emission reduction target is 15 units for each plant; is the target achieved? Is
the total cost of emission reduction minimised?

b. Now assume that government considers a polluter pays tax of $15 on every unit of GHG emitted. Will the$15 tax achieve the target of 30 units reduction?

c. What is the cost minimising level of emissions reduction for each plant that
achieves the target reduction of 30 units?

d. Illustrate the above results in a suitably labelled graph.
Perfect competition is
when economics profit exists for a firm, it is very feeble because
A purely competitive wheat farmer can sell any wheat he grow diminishing returns, because some are better suited for wheat production than other. The first acre can produce 1000 bushels of wheat, the second acre 900, the third 800 and so on. How many bushels will each of the farmer's five acres produce? How much revenue will each acre generate? What are the TR and MR for each acre? If the marginal cost of planting and harvesting an acre is $17500 per acre for each of the five acres, how many acres should the farmer plant and harvest ? Suppose the demand for Frisbees is given by (05+05+10) Q= 100-2P And the supply by Q= 20-6P a) What will be the equilibrium price and quantities for Frisbees? b) Suppose the government levies a tax of Rs: 4 per freebies. Now what will the equilibrium quantity, the price consumers will pay, and the price firms will receive? c) How would your answers to parts (a) and (b) change if the supply were instead Q= 70+ P A researcher estimated that PED for motor vehicles in a country is -1.2 while income elasticity is 3.0. Next year the automobile makers intend to increase average price of motor vehicles by 5% and expect consumer income to increase by 3% a. If sales of the vehicles are 10million this year. How many do you expect the automaker to sell next year? b. By how much should the automakers increase the price of motor vehicles if they wish to increase sales by 5% next year? A purely competitive firm finds that the market price for its product is$25.00. It has a fixed cost of $100.00 and a variable cost of$15.00 per unit for the first 50 units and then $30.00 per unit for all successive units. Suppose Ashok's utility function is u={r/1000}1/2. His initial income when healthy is36000 . however there is 50% chance that he will face financial loss on being ill and income is likely to reduce by 20000.1) find the expected value of his income? 2) what expected utility he will have given the possible state of his health? 3) what is the risk premium he will be willing to pay to cover the risk of sickness. Suppose demand for good A is given by DA = 500 - 10 Pa + 2 Pb + 0.70I where Pa is the price of good A, Pb is the price of some other good B, and I is income. Assume that Pa is currently$10, Pb is currently $5, and I is currently$100.
a. What is the elasticity of demand for good A with respect to the price of good A at the
current situation? Interpret the nature of elasticity of demand.
Suppose demand for good A is given by DA = 500 - 10 Pa + 2 Pb + 0.70I where Pa is the
price of good A, Pb is the price of some other good B, and I is income. Assume that Pa is
currently $10, Pb is currently$5, and I is currently \$100.
a. What is the elasticity of demand for good A with respect to the price of good A at the
current situation? Interpret the nature of elasticity of demand.
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