In this plot we model some of the Australian markets targeted by the Safeguard Mechanism (e.g. fossil fuels). On the horizontal axis we have the quantity, and on the vertical axis its price. P Pa Pb Pc Qa Qb Qc If there were no externalities the welfare maximizing quantity would be [Select] , while [Select] welfare maximizing quantity is [Select] benefit and cost to society. However, this model describes the presence of a [Select] externality in [Select] [Select] equal to [Select] [Select] Demand (private value) Supply (private cost) Social Value -- Social Cost [Select] without the corrective tax. would reflect the true and the deadweight loss is ✓. Therefore, the . If the externality was fully internalized through a corrective tax , the new market quantity would be , then the new market price would be and society's welfare would be [Select]

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Question 5 A manufacturing company produces the quantity q of a product that depends on I units of labour and a capital amount K as given by the equation 3 1 q = 6 (L) ³² (K) ² Labour costs are $10 per labour unit and capital costs are $20 per unit of capital and the total cost budget is $3,000. (a) Find the optimal solution using Lagrange Multipliers. G (b) Demonstrate the following economic principle for the optimal solution found in (a) that The marginal productivity of labour / The marginal productivity of capital = aq = Cost per unit of labour / Cost per unit of capital aq ☆ ƏL Challenge Level (c) Recompute the optimal values for L and K when the budget is increased by $1 and check that this allows for the production of an extra λ units where is the Lagrangian multiplier.

Use the following data to answer the next question. Output 10 20 30 arch 40 50 60 70 80 90 100 ATC-A $6 5 4 5 7 10 14 19 25 32 Multiple Choice ATC-B $13 9 6 4 3 A 5 7 10 16 e ATC-C $44 35 27 20 The letters A, B, and C designate three successively larger plant sizes. In the long run, the firm should use plant size "A" for the production of E 14 11 8 6 5 7 (?)^1

"Time fixed effects control for unobserved variables that are the same acrossentities but vary over time". Is this statement true?