Consider a lake found in the town of Center Barnstead, and then answer the questions that follow. The town has a campground whose visitors use the lake for recreation. The town also has a research lab that dumps industrial waste into the lake. This pollutes the lake and makes it a less desirable vacation destination. That is, the research lab's waste decreases the campground's economic profit. Suppose that the research lab could use a different production method that involves recycling water. This would reduce the pollution in the lake to levels safe for recreation, and the campground would no longer be affected. If the research lab uses the recycling method, then the research lab's economic profit is $2,200 per week, and the campground's economic profit is $3,200 per week. If the research lab does not use the recycling method, then the research lab's economic profit is $3,000 per week, and the campground's economic profit is $2,000 per week. These figures are summarized in the following table. Complete the following table by computing the total profit (the research lab's economic profit and the campground's economic profit combined) with and without recycling. Profit Research Lab Campground Total Action (Dollars) (Dollars) (Dollars) No Recycling 3,000 2,000 Recycling 2,200 3,200 Total economic profit is highest when the recycling production method is

Northern Mexico faces the worst drought in its history. Its effects will exceed those caused by El Niño in 1998. The Mexican government is expected to declare the 12 northern states a disaster zone in the coming days. Juan Figueroa Fuentes, president of Agrobarzón, warned that if it does not rain in the next few days, more than 250,000 hectares sown with wheat, corn and sorghum will be lost. In addition, 170,000 hectares will stop being planted with other crops since it will be too late when it rains. In the same way, 50,000 cattle will die. On the other hand, drought and high temperatures have contributed this year to an increase in the number of forest fires. An estimated 10,000 hectares of forest have been lost due to fires. What will happen to the equilibrium price and quantity in the beef market?Response option group (a) Price and quantity will increase (b) Price and quantity will decrease (c) Price will decrease and quantity will increase (d) The price is higher and the…

Please read the article attached below titled “Notable & Quotable: Gouging” (March 31, 2020) and answer the given question. Note: The phrase “price-gouging” refers to a situation where some sellers are charging prices (e.g., for health equipment and supplies) that are well above the market price charged by other sellers. If firms are reluctant to raise prices and/or earn an economic profit in response to the coronavirus outbreak, explain why the usual mechanism for achieving “allocative” (or social) economic efficiency in a perfectly competitive industry breaks down. What does Professor Romer recommend to improve “allocative” efficiency during this extraordinary time of a pandemic? In your answer, be sure to explain what economists mean by “allocative” efficiency.

Bob's Bee Emporium makes organic honey, which Bob sells at farmers' markets. The value of his Bee Emporium in its current location is $100,000. Unfortunately, Bob's bee's frequently fly to the neighboring property, Daisy's Daycare Center, and sting the small children, some of whom have allergic reaction to the bee stings. Daisy's Daycare Center business is worth $100,000, before the cost of treating any of the children, which the Daycare Center has to pay. The cost of treating the children for the bee stings is $15.000. Relocating the Bee Emporium would reduce its value by $25,000. Relocating the Daycare Center would cost $10,000. The table below shows the value of the businesses under the above conditions. Daisy's Daycare Center Present Location Relocate Bob's Bee Emporium Present Location $85,000 $90.000 $100,000 $100,000 Relocate $100,000 $90.000 S75.000 $75.000 Which situation is economically efficient? O Daycare remains in present location, bee farm relocates O Daycare remains in…