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Suppose that a gas station plans to begin operation on a vacant parcel of land located in a residential neighborhood. The extra profit the station will earn at this location compared to its next best location is $500, but it will also impose an external cost of $10 on each of one hundred nearby residents.
(a) Is it efficient for the station to locate in the residential area?
(b) Two possible ways for the station owner and residents to resolve the externality are: (1) for the residents to organize and buy the property and then resell it to a residential user; or (2) for one or more of the residents to bring a nuisance suit to have the station shut down. Explain why each of these solutions is unlikely to work in this case.
(c) Use your answer to (b) to justify zoning ordinances used by most cities to segregate incompatible land uses.
Suppose Groucho wants to associate with high-income people (the higher the income the better) and everyone else has the same preferences as Groucho.
Consider a market for a homgeneous product with demand given by Q = 37.5 - .25P. There are two firms, each with a constant marginal cost equal to 40. a. Determine the output and price under a cournot equilibrium.
What should managers do to take these forces into account and manage differently so that these
The Mineola Corporation hires a consultant to estimate the relationship between its profit and it output. The consultant reports that the relationship is f = -10 - 6Q + 5.5Q2 - 2Q3 + 0.25Q4 a. The consultant says that the firm should set Q equal..
A movie theater has estimated that the demand for a movie ticket can be written as P1 = 10 - Q1 for senior citizens and P2 = 12 - Q2 for the rest of the customers. The marginal cost of a movie ticket is $1. If the movie theater practices third-deg..
Evaluate your overall plan. This includes strategies used, recommendations for education and training, return on investment and improvement of quality of care.
The price at point a is $70 and the price at point c is $10 per bag. The price at point d is $56 and the price at point e is $31 per bag. The price at point f is $67 and the price at point g is $32 per bag.
in the mid and late 1990s there was a sharp increase in american stock prices followed by an even sharper drop which
if a consumer has indifference curves that are convex to the origin but have a kink in them (similar to the perfect complements example, except the angle at the kink is greater than 90 degrees) how can we determine the optimal bundle
There are 10 employees in a particular division of a company. Their salaries have a mean of$70,000, a median of $55,000, and a standard de- viation of $60,000. The largest number on the list is $100,000. By accident, this number is change..
Graph these curves and illustrate the market demand curve.
Graph the functions and find the equilibrium price and quantity by equating demand and supply
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