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Suppose the City of Klamath is considering plans to build a dam on the Klamath River. There are currently social benefits to the recreational fishermen who use the river to catch salmon. The dam would be source of revenue, as it would create hydroelectric power that the government could sell; however, it would prevent salmon from swimming upstream, essentially ending any recreational fishing in the area. The president of the Klamath Board of Economic Development hires you to calculate the net benefits associated with the River’s use as a recreational fishery versus the revenue the city could earn from the dam. He gives you the following information on the marginal costs and marginal benefits associated with different numbers of fishermen on the river in a year. Marginal Benefits of fishing the River Marginal Costs of fishing the River MB Q (fishermen) MC Q (fishermen) 0 3000 90 3000 15 2500 75 2500 30 2000 60 2000 45 1500 45 1500 60 1000 30 1000 75 500 15 500 90 0 0 0 1. Calculate the fee the government should charge the fisherman for access to the river in order to maximize net benefits in a given year. 2. Using the price you calculated in Question 1, calculate the net benefits to society derived from the river in a given year. 3. Assume that the net benefits you just calculated in Question 2 will continue from year 0 through year 10. Also assume that the dam would cost $250,000 in year 0 and then have annual maintenance costs of $30,000 in year 1 through year 10, while it would create $140,000 in benefits starting in year 1 and continuing through year 10. Calculate the Present Value of Net Benefits for leaving the river untouched and for constructing the dam over the period from year 0 to year 10 with a 4% discount rate and an 8% discount rate. 4. Explain why the project with higher discounted net benefits changes when we use a different discount rate?
Suzy is considering opening a restaurant. To do so, she would have to quit her current job which pays $20,000 a year and use her own car which she currently leases out to her brother for $2,000 a year.Her expenses at the restaurant would be $60,000..
Please elucidate the likely effects on Savings (Gross Private Domestic) Investment, Long Term Real Interest Rates, The Capital Stock, Natural RGDP.
When is international job an opportunity for workers. When is it a threat to workers. What are some of the major challenges confronting the international trading system.
The inverse demand for a homogeneous-product Stackelberg duopoly is P = 16,000 -4Q. The cost structures for the leader and the follower, respectively, are CL(QL) = 3,000QL and CF (QF) = 6,000QF.a. What is the follower's reaction function?QF = - QL ..
The US as well as Canada have intervened in the market and tried to internalize some of the costs of pollution by placing regulations on the amount of pollutants that industries can emit.
What are those key objectives and what are the key tools the Fed plans to use to achieve those objectives?
Consider the following production function: Y = AK^aL^(1-a), where Y is units of output, K is units of capital, and L is units of labor. Both A and are constant parameters characterizing the production technology.
Elucidate the difference among a monopoly and an oligopoly, the welfare effects of monopoly.
Dicuss should the government subsidize alternative fuel options given all you have learned about the growth? Give special thought to following two statements;
The Los Angeles retail market for unleaded gasoline is fiercely value competitive. Suppose situation faced by a typical gasoline retailer when the local market price for unleaded gasoline is $2.50
Matt and Johnny both purchase pop and chips at the same convenience store. They have different tastes for pop and chips, so Matt buys 3 cans of pop and 10 bags of chips whereas Johnny buys 15 cans of pop and 2 bags of chips.
As a manager what are various practical things you could do to raise utility for employees that also benefit the firm
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