Questions:

Explain what means that a resource allocation is efficient and describe the (marginal) conditions that such allocation will satisfy. Also define the concept of perfectly competitive equilibrium and explain why, in principle, such market outcome should be expected to be efficient. Define the concepts of total surplus value, consumers' and producers' surplus, total and marginal benefit, total and marginal cost, supply, demand and competitive equilibrium as part of your answer.

Suppose that the marginal cost of extracting a non-renewable natural resource is MXC(Q) = 10 and the marginal benefit of using the resource is MB(Q) = 90-Q. In the context of a static model, address the following questions.

(a) Calculate the efficient value of Q if the total stock of the natural resource is Q = 50: Provide a graphical representation of the solution.

(b) Calculate the efficient value of Q if the total stock of the natural re source is Q = 200: Provide a graphical representation of the solution.

(c) Suppose that there is a market for the non-renewable natural resource in question. Which is the equilibrium price and quantity?

QUESTION 1 Fatty acids are mobilized. .. O when glucose is low as a response to glucagon O by the action of lipases O all of the aboveQUESTION 4 donates 2-carbon units during fatty acid synthesis. O acetoacetate O malonyl-CoA O oxaloacetate biotin QUESTION 5 A cell's [NADPH/NADP * ] ratio is very low: what would you expect to happen? O B-oxidation is inhibited ketone body synthesis is inhibited O triglyceride synthesis is inhibited Fatty acid synthesis is inhibitedInstruction Chart of Accounts Us LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 DividendsInstructions Chart of Accounts First Question Journal Instructions First Question a. What is the adjusted balance on the bank reconciliation