Homework Help is Here – Start Your Trial Now!
Math
Advanced Math
Two firms, Gene's Gloves and Wally's Wallets, have factories near a lake. Both firms use a chemical for tanning leather. Some of this chemical runs into the lake. Each year Gene's Gloves dumps 15,000 gallons and Wally's Wallets dumps 25,000 gallons into the lake. A new study has found that fish and other wildlife are negatively impacted by this chemical. The government has decided to cap the amount that the factories can dump into the river at 10,000 gallons per year. For an addition $1 per gallon, Wally's Wallets is able to substitute each gallon of harmful chemical for one gallon of a harmless alternative. Gene's Gloves needs to use the harmful but more effective chemical for production. It costs $3 per gallon to safely dispose of the harmful chemical. Assume that Gene's Gloves and Wally's Wallets maintain the same level of production under the new environmental restrictions. 1. Suppose the government gives each firm the right to dump 5,000 gallons each. If the firms cannot buy or sell these dumping rights, what is the total cost to both firms for complying with the regulation? 2. If the firms can buy or sell these rights, how much of the chemical will Gene's Gloves dump into the lake, and how much will the ability to dump 1 gallon of the chemical into the lake cost? 15.000 gallons between $1 and $3

Two firms, Gene's Gloves and Wally's Wallets, have factories near a lake. Both firms use a chemical for tanning leather. Some of this chemical runs into the lake. Each year Gene's Gloves dumps 15,000 gallons and Wally's Wallets dumps 25,000 gallons into the lake. A new study has found that fish and other wildlife are negatively impacted by this chemical. The government has decided to cap the amount that the factories can dump into the river at 10,000 gallons per year. For an addition $1 per gallon, Wally's Wallets is able to substitute each gallon of harmful chemical for one gallon of a harmless alternative. Gene's Gloves needs to use the harmful but more effective chemical for production. It costs $3 per gallon to safely dispose of the harmful chemical. Assume that Gene's Gloves and Wally's Wallets maintain the same level of production under the new environmental restrictions. 1. Suppose the government gives each firm the right to dump 5,000 gallons each. If the firms cannot buy or sell these dumping rights, what is the total cost to both firms for complying with the regulation? 2. If the firms can buy or sell these rights, how much of the chemical will Gene's Gloves dump into the lake, and how much will the ability to dump 1 gallon of the chemical into the lake cost? 15.000 gallons between $1 and $3

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter4: Equations Of Linear Functions
Section4.5: Correlation And Causation
Problem 2AGP
See similar textbooks
icon
Related questions
Question
Two firms, Gene's Gloves and Wally's Wallets, have factories near a lake. Both firms use a chemical for tanning leather. Some of this chemical runs into the lake. Each year Gene's Gloves dumps 15,000 gallons and Wally's Wallets dumps 25,000 gallons into the lake. A new study has found that fish and other wildlife are negatively impacted by this chemical. The government has decided to cap the amount that the factories can dump into the river at 10,000 gallons per year. For an addition $1 per gallon, Wally's Wallets is able to substitute each gallon of harmful chemical for one gallon of a harmless alternative. Gene's Gloves needs to use the harmful but more effective chemical for production. It costs $3 per gallon to safely dispose of the harmful chemical. Assume that Gene's Gloves and Wally's Wallets maintain the same level of production under the new environmental restrictions. 1. Suppose the government gives each firm the right to dump 5,000 gallons each. If the firms cannot buy or sell these dumping rights, what is the total cost to both firms for complying with the regulation? $ Number 3. If the firms can buy or sell these rights, what is the total cost to both firms for complying with the regulation? 2. If the firms can buy or sell these rights, how much of the chemical will Gene's Gloves dump into the lake, and how much will the ability to dump 1 gallon of the chemical into the lake cost? 15,000 gallons, between $1 and $3 5,000 gallons, $2 5,000 gallons, no trade will occur 10,000 gallons, less than $1 10,000 gallons, between $1 and $3 0 gallons, more than $3 EA Number
Transcribed Image Text:Two firms, Gene's Gloves and Wally's Wallets, have factories near a lake. Both firms use a chemical for tanning leather. Some of this chemical runs into the lake. Each year Gene's Gloves dumps 15,000 gallons and Wally's Wallets dumps 25,000 gallons into the lake. A new study has found that fish and other wildlife are negatively impacted by this chemical. The government has decided to cap the amount that the factories can dump into the river at 10,000 gallons per year. For an addition $1 per gallon, Wally's Wallets is able to substitute each gallon of harmful chemical for one gallon of a harmless alternative. Gene's Gloves needs to use the harmful but more effective chemical for production. It costs $3 per gallon to safely dispose of the harmful chemical. Assume that Gene's Gloves and Wally's Wallets maintain the same level of production under the new environmental restrictions. 1. Suppose the government gives each firm the right to dump 5,000 gallons each. If the firms cannot buy or sell these dumping rights, what is the total cost to both firms for complying with the regulation? $ Number 3. If the firms can buy or sell these rights, what is the total cost to both firms for complying with the regulation? 2. If the firms can buy or sell these rights, how much of the chemical will Gene's Gloves dump into the lake, and how much will the ability to dump 1 gallon of the chemical into the lake cost? 15,000 gallons, between $1 and $3 5,000 gallons, $2 5,000 gallons, no trade will occur 10,000 gallons, less than $1 10,000 gallons, between $1 and $3 0 gallons, more than $3 EA Number
Expert Solution
steps

Step by step

Solved in 5 steps with 6 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Algebra: Structure And Method, Book 1
Algebra: Structure And Method, Book 1
Algebra
ISBN:
9780395977224
Author:
Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:
McDougal Littell
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College
Trigonometry (MindTap Course List)
Trigonometry (MindTap Course List)
Trigonometry
ISBN:
9781337278461
Author:
Ron Larson
Publisher:
Cengage Learning
College Algebra
College Algebra
Algebra
ISBN:
9781337282291
Author:
Ron Larson
Publisher:
Cengage Learning
College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS