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Raul is operating a studio house in La Palma de Majorca. Hundreds of hotels, motels, villas, apartment, and studio houses are offered as tourist accommodations in the area. Raul opened up his studio house the previous year and he rents an average of 12 studios per day over the whole sea-son at €80 per studio […]

Professor Econsmart teaches a course in principles of economics at a large university. This semester he has decided to enrich his lectures by adding a number of different techniques in addition to the standard lecture format; some of these techniques include: asking students to prepare a topic at home and present it in class, using

Explain the relationship between price and marginal revenue for a perfectly competitive firm and for a monopolistically competitive firm. Why is the relationship different for these markets? For each of the following, state whether you agree or disagree. Explain your answer. a. Monopolistically competitive firms generate economic profits because they are protected by barriers to

The following diagram shows the structure of cost and demand facing a monopolistically competitive firm in the short run. a. Identify the following on the graph and calculate each one. i. Profit-maximizing output levelii. Profit-maximizing priceiii. Total revenueiv. Total costv. Total profit or loss b. What is likely to happen in this industry in the

The kingdom of Freedonia is divided into two countries: East Babalu and West Babalu. In an effort to reduce carbon dioxide emissions, the kingdom has enacted a carbon tax on all electricity providers. In East Babalu, a gloomy country with cloudy skies and rain every day of the year, 90 percent of households rely on

In October, 2015, a 5p carrier plastic bag charge went into effect in England for supermarkets and major retailers; similar charges were already in effect in Wales, Scotland, and Ireland that had shown a steep drop in plastic bag usage. a. Explain the rationale behind this “Pigovian” tax.b. Using a graph explain its expected effects,

Microsoft and Disney are just two of a growing number of organizations using internal carbon taxes in an at-tempt to reduce carbon emissions, and the carbon prices being used to set the internal taxes vary widely. (In 2015, Microsoft priced carbon at $6-$7 per metric ton, and Disney used a price of $10 – $20

In his 2009 paper entitled, The Economic Effects of Climate Change, Richard Tol wrote that “Climate change is the mother of all externalities: larger, more complex, and more uncertain than any other environmental problem”. a. Using the concept of externalities, analyse the reason for that scope and complexity when climate change is concerned.b. What are

Explain how to estimate respiration rate in hepatocytes. Further explain the use of radioactive isotopes in the experiment. Estimate respiration rate in hepatocytes:Use of radioactive isotopes Without becoming mired in the mathematics involved, discuss the methodological approaches employed by the authors. How did they estimate respiration rate in hepatocytes?.(What’s a hepatocyte?)  However, how did they

In the article Harper and Brand 1993 explain what happens in a respiring cell when hypothyroid conditions occur. Harper and Brand 1993:Hypothyroid conditions read Harper and Brand 1993, then respond in writing to the questions 1. Describe the cellular mechanism by which thyroid function influences cellular respiration rate. What happens in a respiring cell when