Just wanting answer to question 5 a, Thank you :) 5. Fifth and finally, we return to the framework of question 2 (with a singlefirm providing both types of car) to consider Clean car standards instead ofa Clean car discount. Assume that To = 0, T1 = 0. That is, a firm does nothave to pay any taxes, but it must keep average CO, emissions per kilometretravelled of the cars it sells down to some required level, ĩ.Let CO2 per kilometre of the two types of car be fixed (per vehicle) at 120for type 0 cars and 80 for type 1 cars. This means that the only way a firmcan reduce its average is to sell a higher proportion of the more fuel efficienttype. The regulation requires a firm to choose Qo, Q1 to satisfy the followingconstraint:120Q0 + 80Q1Qo + Q1although it might be more convenient to express it as:120Qo + 80Q1 < (Qo + Q1)¤Remember that there is a single firm who provides both types of car.(a) Set up Lagrangian to represent the situation faced by the firm, assumingthat it wishes to comply with the standard (i.e., treat the regulation asa constraint). Remember to set both tax rates to zero. There are two types of car, distinguished by how fuel eficient they are. TypeO is the less fuel efficient type, and type 1 is the more fuel efficient. The inversedemand curves for the two types of car are:Po = 250 – Qo – Qı/2, P = 120 – Q1 – Qo/2.(1)Cost functions areCo(Qo) = 50Q0, C:(Q1) = 20Q1(2)

Lagrange multipliers are a mathematical technique used in optimization troubles wherein a feature…

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Business

Economics

onstraint

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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