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a. Demand Curves for Public Goods Adam and Eve live on two sides of the Garden of Eden, a small suburban development. After they move in, an old PCB dump is discovered in between their houses. If X total tons of PCB's are removed from the dump, the two have a true willingness to pay (WTP) to finance a clean-up equal to: ADAM's WTP = 10 - X and EVE's WTP = 6 - X
b. Draw one diagram illustrating the two individuals demand curves for clean-up, and the total demand for clean-up in the neighborhood. What is the total WTP for 3 tons of clean-up?
c. If cleaning up 2 tons were to cost $12, is their sufficient WTP in this small community to finance it? What are two potential reasons why a voluntary clean-up might nevertheless fail?
Determine whether each would cause a shift of the aggregate demand curve, a shift of the aggregate supply curve, neither, or both. Which curve shifts, and in which direction What happens to aggregate output and the price level in each case
this week you will apply the specific knowledge of market structures you have gained in class to abbott laboratories.
what are the expressions for AC's total revenue ,marginal revenue, total cost and marginal cost as a function of output? what is AC's fixed cost and what is the variable cost?
Which of the following statements about the distribution of physicians among specialties is true in the United States?a) The majority of physicians specialize in general/family practice b)There are twice as many generalists as there are specialists
business ethics on a global scale. in the 1990s pfizer inc. developed a new antibiotic called trovan trovafloxacin
in the 1970s congress imposed an excess profits tax on these companies. it did not do so this time? what does this
Suppose that technophiles are willing to pay $400 now for the latest iPhone, but only $300 if they have to wait a year. Normal people are willing to pay $250, and their desire to purchase does not vary with time. Ignore the time value of money a..
Suppose the demand for gizmos is given by the following expression: P=20-5QD +4 I (Income) In this expresiion, P is the price gizmo, quantity is given in millions of units, and I is income.
1.question why does a business need to understand elasticity of demand?2. the schedule below is for beer pricequantity
Increasing jet fuel values recently led most major United States airlines to raise fares by approximately 15%. Describe how this substantial increase in airfares would affect the following;
If the goal of the transit authority was to maximize total revenues, what is the new price it should set? Also, what would the total revenue raised in this new price scheme?
Suppose the government misjudges the natural rate of unemployment to be much lower than it actually is, and thus undertakes expansionary fiscal and monetary policies to try to achieve the lower rate.
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