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Imagine that you are trying to value a particular piece of wilderness that people use for recreational hiking and cycling. While this area has no entrance fee, statistics have been kept on who visits and how frequently they visit the area.• Visitors come from two cities. City A is 20 miles away and has 10,000 residents. They make an average of 4 visits per year. City B is 80 miles away and has 40,000 residents. They make an average of 1 visit per year.• The cost of traveling to the wilderness area is $0.25 per mile.Using the travel cost method, estimate the annual active use value of this area to the people living in these cities.
How many nurses does National Hospital employ, and what wage will National pay its nurses, what is the deadweight loss arising from monopsony?
What kind of market structure exists for the oil producers (i.e. the ones who pull it out of the ground and ship and sell it as crude oil)? What does this market structure tell us about the pricing
Traditionally, two% of the citizens of US live in a foreign nation because they are disenchanted with United States politices or social attitudes. In order to test if this prportion has raised since the September 11, 2001, terror attacks, United Stat..
Consider a firm in a perfectly competitive industry. The firm has just built a plant that cost $1,700.Each unit of output requires $14 worth of materials. Each worker costs $11 per hour.The firm's production starts at 300 units with 1 worker (40 h..
What is the equilibrium? If the government freezes the price of gasoline at its initial equilibrium price, how much of a surplus or shortage will exist when supply is reduced as described above?
Is First Amendment free speech protection only afforded to the spoken word? Explain. 2. The 2007 PwC Report suggested three things companies could do to minimize accounting fraud. Discuss these suggestions. 3. Describe the three types of negligence c..
In your role as new human resources manager, you plan to make a series of videos with various situations. These situations will allow the workers to view real life sexual harassment issues that they may have to deal with.
A firm sells specialized electronic computers. Each of the computers has a unique chip produced at a California plant at cost of Cw(Qc)=Q^2 c
how many units should be produced by plant 1 and plant 2 to maximise profit for this monopoly
Assume that the following data characterize the hypothetical economy of Trance: money supply = $180 billion; quantity of money demanded for transactions = $160 billion; quantity of money demanded as an asset = $10 billion at 12 percent interest, i..
Each instance which follows is an example of one of four types of market failure (imperfect market structure; the existence of public goods; the presence of external costs and benefits; and imperfect information).
What is significant about the connection between the demand for goods and market failures? What happens to the demand for goods when a market fails
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