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XSU is located in the middle of a residential neighborhood. The residents of the surrounding 4 blocks notice that street parking is a problem while classes are in session (i.e. Monday through Friday 8am to 4PM, mid August through mid-May except for breaks) or during special events (athletic contests, etc….). Students and staff can be viewed driving around looking for parking spaces, even though there are spaces available in some of the parking lots on the edge of campus. Residents complain that the extra traffic leads to more small accidents, and that their visitors (personal or service related) cannot park near their intended visit sites. Students and staff complain that there are not enough parking spaces. A task force is constituted, and comes up with the following recommendation – either XSU builds sufficient parking spaces or the city institute a permit parking system. If XSU builds more parking lots, the construction and maintenance would have to come from parking fees. The recommended parking permit system that requires permits for street parking within the 4 block radius. There would be set number of permits with each household getting one permit, and the rest to be sold to anyone who wishes to buy them. The revenue from the permit sales would be used to fund a parking officer who would enforce the permit system where any violator’s vehicle is towed and assessed a fine of $2,000 plus towing. 1. Explain whether there is a shortage or a surplus of parking spaces in XSU lots.. 2. Explain whether there is a short or a surplus of parking spaces on the street 3. Is parking an externality? Explain. 4. Explain under what conditions (if any) the building of additional parking lots will solve the problem. 5. Explain under what conditions (if any) will the permit system solve the problem. 6. What are the likely effects of either recommendation on the neighborhoods more than 4 blocks away ?
What is the "current macroeconomic situation" in the U.S. (e.g. is the U.S. economy currently concerned about unemployment, inflation, recession, etc.)? What fiscal policies and monetary policies would be appropriate at this time? (Include data)
Players A and B are engaged in a coin-matching game. Each shows a coin as either heads or tails. If the coins match, B pays A $1. If they differ, A pays B $1. Write down the payoff matrix for this game, and show that it does not contain a Nash equili..
Suppose the utility granted by spending holidays domestically D and holidays in foreign countries F is represented by the utility function u(D,F)=10D*F. You have a budget of 4000 US-Dollars and a domestic holiday costs you 100 US-Dollars per day and ..
Illustrate why is it important for average person to understand the basic mechanisms of supply and damand in the market economy.
What are the average money holdings when the individual makes the optimal number of trips to the bank?
Assume that the multiplier in a country is equal to 4 and that autonomous real consumption spending is $1 trillion. if current real GDP is $12 trillion, the current value of real consumption spending is $ ______ trillion.
You are the owner of a fast-food restaurant. Given a new item that you recently advertised, you experience additional demand for your business that you do not want to ignore. Identify your fixed and variable costs at your fast-food restaurant, and ex..
Unemployment occurs even during periods when the economy is growing. An increase in demand will cause the equilibrium price and quantity to rise, ceteris paribus. An increase in wages will shift the supply curve up and to the left. GDP measures under..
You are planning to save for retirement over the next 35 years. To do this, you will invest $840 per month in a stock account and $440 per month in a bond account. The return of the stock account is expected to be 10.4 percent, and the bond account w..
Wheat farmers will receive total revenues from consumers and the government totaling
An asset is purchased for $20,000. If it has a useful life of 10 years and salvage value of $5000. a) Use the DB and DDB methods to determine: the depreciation charges and book values for years 2, 4, 9, 10. b) What is the implied salvage value for th..
The owners of a small manufacturing concern have hired a manager to run the company with the expectation that (s)he will buy the company after five years. The goal of the owners in making this hire is to find the appropriate manager that will increas..
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