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Lost workdays, plus out-of-pocket costs (medical and other), due to health effects of pollution can be evaluated using:

Figure 3.4 Supply and demand   Equilibrium price and quantity in Figure 3.4 occur at:

Long Problem 3: Long problems require more detail and explanation. Provide as much detail as possible in your answers to these questions.     Using the following graph provided below: explain what ceteris paribus assumptions might explain why the demand for clean air has changed from the period 1950’s to 2010. (5 points) Provide a definition of ceteris paribus as a foundation to answer this question.    

External costs refer to:

Which of the following is most likely to be considered a non-renewable resource?

The following equation (P = 125 – 1.25 *Q) is used to express the willingness and ability of a consumer to purchase a product.  If the market price is equal to 105 how many units of this product will the consumer want to buy?

Imports:

The equilibrium price is  

Production possibilities:

Complete the following table.  Circle the value of GDP in the column “value of sales”. Answer 1-2 using this table. Firm   Value of Sales Value added         A Sheep Ranch 240   B Suit Manufacture 440   C Retail Outlet 700     Total 1380     What is the dollar value of GDP (using the data in the value of sales column)? _________________   What is the dollar value of GDP using the value added method (show your calculation here or on scratch paper).