In this case, the abatement level associated with benefit-based standards would be:
Suppose that the costs and benefits of achieving water quality in New York are modeled as shown below. Use these relationships for any or all of questions 14 through 16.
MSB = 80 – 2A MSC = 20 + 2A
TSB = 80A – A2 TSC = 20A + A2,
where A is the abatement level for conventional pollutants.
a. 40 c. 10
b. 15 d. none of the above
a. 40
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The table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities.Number ofEmployeesTotal DonationsAverage DonationsTotal Labor CostsAverage Labor Costs1$30,000 $8,0002$42,426 $17,000 3 $17,321$27,000 4$60,000 $9,5005 $13,416$50,000 The Chair of the Economics Department at State U says that fundraising employees should be hired as long as their marginal benefit exceeds their marginal cost. If the University follows this advice, then ________ employee(s) will hired, and the net benefit (total donations minus total labor costs) will be ________.
A. 1; $22,000 B. 2; $25,426 C. 2; $3,476 D. 3; $25,426
Markets are generally more effective at providing ________ and governments are most effective at providing ________
A) pure public goods; common pool resources B) pure private goods; pure public goods C) common pool resources; club goods D) club goods; pure private goods
All economic questions arise from the fact that resources are unlimited
Indicate whether the statement is true or false
A Lorenz curve based on the percentage of wealth held by different quintiles of the population, when compared to one based on income shares, shows a
a. lower degree of inequality b. higher degree of inequality c. similar degree of inequality d. higher absolute level of poverty e. lower absolute level of poverty