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A city needs to choose area rubbish disposal areas. Area A: A gravel pit has a capacity of 16 million cubic meter. Owing to the possibility of high groundwater the Regional Water Pollution Control Board has restricted the lower 2 million cubic meters of fill to inert material only (earth, concrete, asphalt, paving, brick, etc.). This must be purchased and hauled to this area for the bottom fill. Area B: Capacity is 14 million cubic meters. For 20% of the city, the haul is the same distance as for Area A. The round-trip haul is 5 miles longer for 60% of the city, and 2 miles shorter for 20% of the city. Assume the following conditions • Cost of inert material placed in Area A will be $9.40/m3 • Average sped of trucks from last pickup to disposal site is 25 miles per hour • The rubbish truck and a two-man crew will cost $210 per hour • Truck capacity of 4 ½ tons per load or 20 m3 • Sufficient cover material is available at all areas Which of the sites do you recommend?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
The Australian government administers two programs that affect the market for cigarettes
How many tickets to sell to maximize total welfare.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
Depict the von Neumann-Morgenstern utility index u in a diagram
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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