Since 1990, the aggregate emissions of criteria air pollutants have decreased 59 percent despite
a. population increasing 24 percent.
b. gross domestic product (or aggregate production in the USA) increasing 65 percent.
c. vehicle-miles traveled increasing 40 percent.
d. energy consumption increasing 15 percent.
e. All of the above.
f. None of the above.
Ans: e. All of the above.
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A paper company dumps nondegradable waste into a river that flows by the firm's plant. The firm estimates its production function to be:
Q = 6KP, where Q = annual paper production measured in pounds, K = machine hours of capital, and P = gallons of polluted water dumped into the river per year. The firm currently faces no environmental regulation in dumping waste into the river. Without regulation, it costs the firm $7.50 per gallon dumped. The firm estimates a $30 per hour rental rate on capital. The firm produces 600 million pounds of paper per year. For this problem, consider the long-run production of output. a. Determine the firm's optimal ratio of wastewater to capital. b. Given the firm's output of 600 million lbs, how much capital and wastewater should the firm employ? c. How much will it cost the firm to produce the 600 million lbs of paper? d. The state environmental protection agency plans to impose a $7.50 fee for each gallon that is dumped (this is in addition to the current cost of $7.50). Assuming that the firm intends to maintain its same output level, how much capital and wastewater should the firm employ? e. How much will the firm pay in fees? What happens to the firm's cost as a result of the fee?
Using the information in the table, develop the four-firm concentration ratio. Would you classify this industry as an oligopoly? Explain your answer
What will be an ideal response?