This section reflects analytical and computational questions, choose one letter only to indicate the answer you consider

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This Section Reflects Analytical And Computational Questions Choose One Letter Only To Indicate The Answer You Consider 1 (31.92 KiB) Viewed 12 times

This section reflects analytical and computational questions, choose one letter only to indicate the answer you consider correct for each question. 1. Maket demand for gasoline is P15-20 and market apply is P-2-30 External cost de to pollution in S1. The socially efficient quantity of gasoline i a 2 € 24 2. If the price elasticity of demand for golime is 1, that mean a. The demand for gas is very clastic One percent increase in price would cause one percent decrease in quantity demanded for e. One percent increase in price would case time percent increase in quantity demanded for g d. The demand for gas is very inelastic 3 The demand for a barrel of all is P200-30. Forty barrels of all remain to be efficiently allocated between the present and one year from now. Marginal cost of extraction is $20 The discount rate is 10%. The optimal allocation is: a. 40 barrels today. O barrelsone year from now b. 20 barrels today, 20 barrels one year from now € 22.2 barre today, 178 barras one year from now d. 21.9 barrels today, 18.1 barrels one year from now &A family has recently installed new triple pane windows, replaced the weather stripping on their doors, and added additional insulation in the attic and basement. Their electricity usage this winter is 10% lower than in years past despite setting their thermostat 5% higher. Which of the following must be true? a The scenario shows a backfire effect b. The home improvements were economically efficient This scenario shoes evidence of a rebound effect. This family is practicing energy conservation 5. How does economic course differ from energy economic a Energy is relatively scarce unlikely resources studied in other courses b. Economists focus on the inevitable depletion of fossil fuel suces Energy efficiency is equivalent to economic efficiency. d. Energy prices fluctuate more than prices of mon goods and services 2 6. To use energy resources efficiently, what com would you suggest to be included in energy price? Private coplas external cont e Social costs plus external costs Social costs minus external cont