In the diagram, at which point is this consumer willing to give up more fossil fuels for an additional unit of renewable fuels than she must give up according to her budget constraint? Fossil Fuels BL2 IC2 IC BL E Renewable Fuels X X3 OA. A Ов. В С.С OD. D OE. E o.........
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Budget line represents the income ability of an individual and provides all the possible combination of goods and services that a consumer can afford with the help of indifference curve to distinguish the possibilities.
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- Hedonic pricing and contingent valuation are two ways of valuing environmental benefits. However, they both rely on finding the public's 'willingness to pay for those benefits. Which of the following objections applies to both of these approaches? O It is difficult to know what people are willing to pay. Hedonic pricing ignores many factors other than some environmental issue that may cause variations in market prices. Willingness to pay may be highly unstable over time. What is valued today may be seen as less desirable tomorrow. O Willingness to pay cannot be sepacted from ability to pay. Poor people may not be able to pay even for some of the most valuable environmental 'goods! It relies upon what people say they are willing to pay, which might not be truthful. Overstating the willingness to pay makes it more likely that the policymaker will adopt the improvement in question.06:15 Done Econ 207 Week 4 Seminar Questio... M Econ 207 2022/23 illa Questions for Week 4 Seminar 1. Suppose the only two meat dishes consumed in the United States are flounder and beef. What are the likely effects in these markets of a rumor of a major water pollution problem discovered in the commercial fishing waters? Assume that production resources cannot be shifted between sectors. 2. True or false, explain your answer. Ted's initial endowment of cakes is one, and his initial endowment of coffee is six. Sandra's initial endowment is seven cakes and no coffee. "This allocation might be both efficient and equitable, based on the Pareto principle." 3. In a competitive economy, the marginal cost of producing X is MCx = 20 +5qx. The marginal cost of producing Y is MCy- 10+10qy. Prices are px - 5, and py5. What linear relationship describes the proportion in which the goods should be produced? 1| Page 4. Suppose Jenna and Karen both regard peanut butter and jelly as perfect…2. You are preparing to market this year's calf crop and want to decide if you would like to precondition your calves this year. If you decided to sell your calves at weaning, you would expect to market them at approximately 425 at price of $1.80 per pound. Alternatively, you have the option to precondition your calves for 45 days in a dry lot, castrate your bulls, and provide a round of vaccinations. You expect that the additional 45 days of feeding will get your calves up to a market weight of 550 pounds. Under normal circumstances, these calves would bring $1.65 per pound at the sale barn, but you also expect that you can charge a 6% preconditioning premium at the time of sale because you are marketing them directly. a. What is the final sale price for the 550 pound preconditioned calves? b. What is the value of gain for the preconditioned calves? c. If your cost of gain over the 45-day preconditioning period is $1.45 what would be your net profit on these calves?
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- 1. The table below is a list of the maximum combinations of rice and beans that the Island of Utopia can produce. combination rice beans A 1200 0 B 1100 1200 C 900 2000 D 500 2600 E 200 2900 F 0 3000 (i) Draw the production possibility frontier (PPF) for the Island of Utopia I (ii) Explain what a point on the line shows (for example point A or B, etc). Full answer required. Assume the economy starts at point D and moves to point B. Explain what is happening here. Calculate the opportunity cost.3. People frequently consume more than they realize in the commons issue because Group of answer choices the "commons" are divided into equal parts. others take on a cooperative strategy. they belong to a small group. resources are not partitioned.Germany is trying to lower its CO2 emissions by phasing out coal-based electricity production through the forced closure of coal power plants. Why is this policy, even if it is successful in lowering Germany’s CO2 emissions, unlikely to result in lower emissions at the European scale?a) this policy does nothing to address the emissions from the transportation sector, which far outweigh those of coalb) CO2 produced in Germany stays in Germany, and thus has no bearing on the European scalec) Germany has already made substantial reductions to its CO2 output, so that it is a small player on the European scaled) Germany is a member of the European Emissions Trading System (ETS), which sets a binding cap on greenhouse gas emissionse) coal power production in Germany has become extremely efficient, so that its CO2 footprint is insubstantial
- 1. Consider the following conversation.CHAD: “None of the COVID-19 vaccines in Canada has full Health Canadaapproval, and if you get injured from the vaccines, then the pharmaceutical companiesare not liable. Furthermore, the vaccines do not prevent against the spread ofcoronavirus, though they may reduce symptoms. However, their efficacy wanes aftera few months.”VIRGO: “Vaccines have helped humanity to conquer diseases like tetanus andsmallpox. Why are you saying that vaccines don’t help at all?”Which logical fallacy does Virgo commit?(A) Argument from authority.(B) Ad Hominem.(C) Post Hoc Ergo Procter Hoc.(D) Straw Man.In Figure 2, what is the Net Benefit to Society (Steel Producer and Laundry Firm) from increasing steel production from S0 to S*? Describe why a move from S* to Su is not welfare enhancing for society (society here means the Steel Producer and Laundry Firm)What might happen to alligators in the south if the U.S. Fish and Wildlife Service were to reduce or eliminate the tags required to hunt alligators?