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- The figure below shows the demand curve for a U.S. farmer for irrigating his land. It costs $100 per acre to irrigate the land. Each acre of land irrigation generates salty runoff that winds up in the Colorado River. It costs $50 to desalinate this river water so Mexican farmers can irrigate their crops. Price ($) 275 250 225 200 175 150 125 100 75 50 25 0 DMBMB sed 10 20 30 40 50 60 70 80 90 100110120 Irrigation (acres) Tools (2) MCpvt MC socialFigure HW12-1 represents the market demand and supply of paper that is produced by a paper mill. The raw chemical waste discharged into a nearby river by the paper mill causes health issues for local residents and negatively affects the community's ecological characteristics. pure HW 12 Pre $11 $9 $$ $5 $2 $1 $1 0 1 2 3 5 6 8 9 10 11 12 13 14 Quantity of Paper (in millions) Refer to Figure HW12-1. If the government regulates the paper mill to reduce its chemical waste, how many units of paper would be produced? What is the market equilibrium price? 5 million, $5. 7 million, $3.Consider the following marginal net benefit curves for two water using agricultural farms we discussed in class(labeled A and B). There are two different water supply levels available in different years labeled by S0 and S1 1(B). How much water would user B receive if we efficiently allocated water under the S1 supply conditions? 1. If water is an input to agricultural production, what does your answer in part B suggest about who has more substitutes for water? Explain
- One of the advantages of shifting cultivation over commercial agriculture is that no chemical fertilizer is used. True or False?What is the metric designator for a raceway of trade size 3? C. 41 12 d. 78 21 a. b. 10002b) Discuss and explain the concept of positive return toscale showing it relationship with the quantity ofproduction.
- The market for paper in a particular region in the United States is characterized by the following demand and supply curves: QD = 160000 - 2000P QS = 50000 + 2000P where QDis the quantity demanded in 100-pound lots, QS is the quantity supplied in 100-pound lots, and P is the price per 100-pound lot. Currently there is no attempt to regulate the dumping of effluent into streams and rivers by the paper mills. As a result, dumping is widespread. The marginal external cost (MEC) associated with the production of paper is given by the curve: MEC = 0.0006Qs Find the competetive equilibrium price and quantity with no attempt is made to monitor or regulate the dumping of effluent. Then find the socially efficient price and output of paper.To model the effects of a carbon tax on CO2 emissions, policymakers study the marginal cost of abatement B(x), defined as the cost of increas- ing CO2 reduction from x to x +1 tons (in units of ten thousand tons- Figure 4). Which quantity is represented by the area under the curve over [0, 3] in Figure 4? B(x) ($/ton) 100 75 50+ 25- 1 3 Tons reduced (ten thousands) FIGURE 4 Marginal cost of abatement B(x).1. A firm's marginal abatement cost function is given by MAC = 200-5E. Suppose that, after adopting new abatement technology, the firms marginal abatement function becomes MAC = 160-4E. Costs are in dollars per tonne and emissions are in tonnes per year. The firm is given %3D 20 tradeable pollution permits (each permit allows it to emit one tonne of pollution) and the current market price per permit is $100. a)Given no change in the permit price how many tonnes of pollution will the firm emit? b)What will be the firms total abatement cost? Will it buy or sell permits and how many? c) What will be the net cost to the firm after trading? What will be the net gain to the firm from adopting the new abatement technology
- A farmer is located next to the rancher. They face the following problem.Cattle graze on the farmer's fields and cause $30 worth of damage to corn each year. The rancher's business is worth $100 annually (not taking into account any crop damage). The farmer's business is worth $80 before the cattle trample the corn It would cost $10 to build a fence that would keep the cattle off the farmer's property. If the farmer is given property rights If the rancher is given property rights O A. the rancher will pay the farmer $30 in damages; the farmer will accept the $30 in crop damages B. the rancher will pay the farmer $30 in damages; the farmer will build the fence O C. the rancher will build the fence; the farmer will build the fence O D. the rancher will build the fence; the farmer will accept the $30 in crop damagesThe market for paper in a particular region in the United States s characterized by the following demand and supply curves: Qp = 145,000 – 2,000P and Qs = 50,000 + 2,000P where Qp is the quantity demanded in 100-pound lots, Qs is the quantity supplied in 100-pound lots, and P is the price per 100-pound lot. Currently there is no attempt to regulate the dumping of effluent into streams and rivers by the paper mills. As a result, dumping is widespread. The marginal external cost (MEC) associated with the production of paper is given by the curve MEC= 0.0006Q5- a. Calculate the output and price of paper if it is produced under competitive conditions and no attempt is made to monitor or regulate the dumping of effluent. (Enter your responses rounded to two decimal places.) Without regulation, the price is $O per 100-pound lot, and the quantity is 100-pound lots1. Assume there are two competing uses, municipal and agricultural, for a fixed amount of water Q = Qm + Qa = 100 acre-feet. The water demand curve for municipal use is given by 100- 2Qm and for agricultural use P = 50-0.5Qa. Because of the way water rights have been allocated in the past, the city is currently consuming Qm applying Qa = 90 acre-feet of water to farms. (a) municipal use? What are the marginal and total values of water for agricultural use? (b) we reallocate 1 acre-foot of water from agriculture to the city, what is the net gain? (c) (d) municipal use? What are the marginal and total value of water for agricultural use? What is the total net gain compared to the current allocation? (e) allocation, which price range will benefit both sectors? %3D %3D P = = 10 acre-feet of water while irrigators are Under the current allocation, what are the marginal and total values of water for Suppose that the cost per acre-foot of delivering water to the two uses is the same. If Find…
