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A worker, who is typical in all respects, works for a wage of $30,000 per year in a perfectly safe occupation. Another typical worker does a job requiring exactly the same skills as the first worker, but in a risky occupation with a known death probability of 1 in 1,000 per year, and receives a wage of $36,000 per year. What value of a human life for workers with these characteristics should a cost-benefit analyst use?
The construction of a dam that would provide hydroelectric power would result in the loss of two streams: one that is now used for sport fishing, and another that does not support game fish but is part of a wilderness area.
a. Imagine that a CV method is used to estimate the social cost of the loss of each of these streams. Would you be equally confident in the two sets of estimates? Why?
b. Consider two general approaches to asking CV questions about the streams. The first approach attempts to elicit how much compensation people would require to give up the streams. The second approach attempts to elicit how much people would be willing to pay to keep the streams. Which approach would you recommend? Why?
What is the term for a situation when the quantity demanded of a good falls when the price of a good rises, other things are equal?
What are the effects of an appreciating/depreciating exchange rate on the balance of payments? exchange rate on the balance of payments.
Why might you expect to see flat royalty payments in home-based franchises but revenue-based royalties in franchises that operate from commercial buildings HINT: Among the most popular home-based franchises are cleaning services offered to business..
In the United States, if the average growth rate of nominal GDP is 2.8 percent, inflation is 1.6 percent, and population growth is 0.5 percent, what is the growth of real GDP? Per capita nominal GDP? Per capita real GDP?
(a) What is market concentration and how can you know whether a market is concentrated or not (b) What are the causes of market concentration (c) Are business mergers good or bad for the economy Explain why
What assumptions about a rival's response to price changes underlie the kinked-demand curve for oligopolists? Why is there a gap in the oligopolist's marginal-revenue curve? How does the kinked demand curve explain price rigidity in oligopoly?
Which of the following strategies are used by businesses to capture consumer surplus? Nash equilibria are stable because
Describe the maximum insurance premium that the individual is prepared to pay.
1. One factor which did not influence the levels of real output and employment in the classical system was the
Assume two firms, A and B, serve a market with demand D(p) = 11 - p. Also assume that (i) firms compete for market share
How does the US Department of Agriculture calculate the official poverty level What government assistance programs does the Census Bureau consider when calculating household income What programs are ignored
What is the role of a intersection data for database concepts?
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