In the late 1990s, Starbucks hired the Environmental Defense Fund to help it determine how best to reduce the amount of paper waste it was generating because of customers demanding two cups to hold the hot coffee. The Environmental Defense Fund determined that the best way to eliminate the need for the second cup was to provide customers with a paper sleeve that went around the outside of a cup. This innovation reduced the amount of paper cups being used by Starbucks by 50 percent, saved the company tens of thousands of dollars by reducing the amount of cups they needed, and improving their environmental image. This is an example of:

In the late 1990s, Starbucks hired the Environmental Defense Fund to help it determine how best to reduce the amount of paper waste it was generating because of customers demanding two cups to hold the hot coffee. The Environmental Defense Fund determined that the best way to eliminate the need for the second cup was to provide customers with a paper sleeve that went around the outside of a cup. This innovation reduced the amount of paper cups being used by Starbucks by 50 percent, saved the company tens of thousands of dollars by reducing the amount of cups they needed, and improving their environmental image. This is an example of:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose that pig farming in a region is a perfectly compet- itive industry. However, one negative consequence of this activity is that it creates water pollution that adversely affects the health of the residents in the nearby communities that rely on the water sources that are contaminated by the pig farms. The market supply curve for pigs (or hogs) is given by H^S = 6p where H^S is the quantity of hogs supplied to the market by farmers in this region. The market demand for hogs is given by H^P = 300 – 4p. The government estimates that the additional medical costs (M) imposed on the nearby communities is given by M = 5H, where H is the quantity of hogs produced and sold in the market. Q: In the absence of clearly defined property rights over water use or con- ventions or some form of government intervention, derive the market equilibrium for hogs and the DWL resulting from the additional medical costs associated with hog production. Please show the formula, thank you.
Metropolitan Utilities District currently charges residents in Omaha $1.23 per cubic feet of water use for each home's first 900 cubic feet of water used, $1.73 per cubic feet of water use for each home's usage rate between 900 and 3,000 cubic feet, and $2.22 per cubic feet of water use for anything over 3,000 cubic feet of use. The pricing structure is an example of: over-use and inefficient pricing. too few water permits being traded on the local water market. block pricing. conservation pricing.
Explain why the following might be true: A drought in the Caribbean raises the total revenue that producers receive from the sale of coffee, but a drought only in Grenada reduces the total revenue that Grenadian producers receive.
Let's say there is demand in a market. The unit cost of production of the good is fixed and is at level 3. If you had a technology that could reduce this cost to 1, how much would you sell the pantent of the technology you have? (Hint: How much does society spend to get the technology you have?)
A federal regulation that required that all beef consumed in the US must be grown and processed in the US is likely to: Drive up the price of beef in the US Increase beef consumption in the US Decrease consumption of chicken in the US (assuming chicken is a substitute for beef in the US) Increase international trade in beef products
Q1. Suppose the government is considering an increase in the toll on a certain stretch of highway from $3 to $4. At present, 1 million cars per week use that highway stretch; after the toll is imposed, the number of cars per week will change according to its price elasticity of demand of -0.8 (this elasticity value is estimated based on the initial-value method). If the marginal cost of highway use is constant (i.e., the supply curve is horizontal) and equal to $3 per car, what is the net annual cost to society attributable to the increase in the toll? (your answer must be rounded off to the nearest million dollars per year, i.e., no decimal places; there are 52 weeks in a year)
The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $26, $14, $10, $5, and $3 (one seller at each price). Five buyers are willing to buy one widget at the following prices: $10, $14, $26, $34, and $42 (one buyer at each price). For each price shown in the following table, use the given information to enter the quantity demanded and quantity supplied. Price Quantity Demanded Quantity Supplied ($ per widget) (widgets) (widgets) $3 $5 $10 $14 $26 $34 $42 In this market, the equilibrium price will be per widget, and the equilibrium quantity will be widgets.
The market for organic and locally sourced foods has skyrocketed over the past decade as consumers focus on improving their eating habits. However, severe droughts have caused organic food prices to rise significantly, forcing many consumers to shop at conventional supermarkets (which are increasingly adding organic food options) instead of organic food markets such as Whole Foods. In response, companies such as Whole Foods have begun offering more nonorganic options on their store shelves in order to provide their consumers with more affordable options. Based on this response, what did companies such as Whole Foods realize about the elasticity of demand for organic foods that caused them to lower their prices by changing the type of foods they sell?
Sketch the microeconomics graph of the article, Industrial Demand for platinum driving significant supply shortfall
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Microeconomics
Consider that the retail market for sanitizing wipes in a small locale is described by the follow demand and supply equations respectively: P = 8.40 - 0.02Q and P = 6.60 + 0.01Q where P is the price in dollars and Q is the quantity measured in thousands per week. The market is currently in equilibrium. (Question 8 of 8) Now consider than an unexpected viral outbreak led to consumers ensuring that much more surfaces (counter tops, door handles, etc.) are clean and sanitized. At the same time, the government's demand for sanitizing wipes at various public institutions (hospitals, schools, etc.) has impacted the supply of sanitizing wipes in the retail market. Although the government is neither a buyer nor seller in the retail market, their requests for sanitizing wipes does affect how many sanitizing wipes firms are able to supply in the retail market. The market for sanitizing wipes adjusts afterwards and the market is in equilibrium. Suppose that after the market for sanitizing wipes…