The johnsville co. produces pipe insulation at a cost of $10 per ton. it is also known that for every ton of insulation it produces it also vents into the air one ounce of asbestos fibers, which are a very hazardous substance. johnsville could contain these fibers at a cost of $4 per ounce. the demand for pipe insulation is given by: q = 2640 - 120 p and johnsville is the sole producer. (a) in the absence of any regulation, how much insulation would johnsville produce, and how much profit would it make, if it sought to maximize profits? (b) suppose the pipe insulation industry were perfectly competitive, with every firm able to manufacture pipe insulation at a cost of $10 per ton. what would be the level of production now? (c) what is the socially efficient level of production of pipe insulation, assuming that the damage caused by the asbestos fibers is greater than the $4 cost of abatement? under this assumption, can you say which situation (monopoly or competition) is better from the social point of view? (hint: set the external damage caused by an ounce of asbestos fibers to x, then calculate the difference in deadweight loss between the monopoly and the competitive solutions, as a function of x.)

the thinkers of the enlightenment wanted to use observation and reason to approach problems in human life, especially dealing with the government.

these scientists used observation and logic to understand the physical world. the enlightenment thinkers were inspired by the example of scientists galileo and newton.

enlightenment ideas had a major influence on the leaders of the american revolution, actually. english leaders in american shared traditions of the magna carta, and the english bill of rights.

answer; ///retained

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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a. money supply  

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