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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?
Explain why in a perfectly competitive market the firm is a price taker. Why can't the firm choose the price at which it sells its good and Leskeista produces table lamps in the perfectly competitive table lamp market.
Public administration can't exist outside of its political context. Describe how politics affects the policy making process and the delivery of governmental services.
Prepare a 700-1,400-word paper explaining a company that has made the strategic decision based upon productivity, wages and benefits, and other fixed and variable costs. Examine the decision and its expected outcomes.
The long run supply curve for a particular type of kitchen knife is horizontal line at a price of dolla three per knife. The demand curve for such a kitchen knife is
farmers to lose fund since the demand for food is inelastic meaning the price refuse proportionally faster than increase in quantity sold.
In the imperfect competitive market of jeans, Lean Jeans, Inc., recently offered rebates of $1 off the regular $50 price. Quantity sold jumped 4 more jeans from the previous 100 figure the previous month.
Guthrie Enterprises needs someone to supply it with 230,000 cartons of machine screws per year to support its manufacturing needs over the next five years, and you've decided to bid on the contract.
What is the slope of the budget line and does this change depending on which combination of goods is purchased?
Test the null hypotheses that the slope terms are individually insignificant using one-tailed t-tests using a .05 level of significance and evaluate the quality of the model.
Find out if, for the good marked with ALL CAP lettering, if there is the increase or decrease in demand.
Mr. Smith is president of a firm that is the industry price leader; that is, it sets the price and other firms sell all they want at that price. The other firms act as perfect competitors.
The long-run Phillips curve suggests policymakers choose between alternative and which of the following will shift the aggregate demand schedule to the right?
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