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Suppose that a gas station plans to begin operation on a vacant parcel of land located in a residential neighborhood. The extra profit the station will earn at this location compared to its next best location is $500, but it will also impose an external cost of $10 on each of one hundred nearby residents.
(a) Is it efficient for the station to locate in the residential area?
(b) Two possible ways for the station owner and residents to resolve the externality are: (1) for the residents to organize and buy the property and then resell it to a residential user; or (2) for one or more of the residents to bring a nuisance suit to have the station shut down. Explain why each of these solutions is unlikely to work in this case.
(c) Use your answer to (b) to justify zoning ordinances used by most cities to segregate incompatible land uses.
In order to increase their efficiency, one group of operators was imparted classroom training, and the other group was provided on the job training. After the training, the times to complete a certain job in minutes, was recorded for both the grou..
Card 1, $4,500, 21%; Card 2, $5,700, 24%; and Card 3, $3,200, 18%. Interest compounds monthly on all loan balances. A credit card loan consolidation company has captured Mary's attention by stating they can save Mary 25% per month on her credit ca..
Using the following national income accounting data, compute (a) GDP, (b) NDP, (c) NI. All figures are in billions. Compensation of employees U.S. exports of goods and services Consumption of fixed capital (depreciation) Government purchases Taxes on..
Touchie MacFeelie publishes comic books. The only inputs he needs are old jokes and cartoonists' labor. His production function is Q = 0.1 * J1/2L Where J is the number of old jokes used, L the number of hours of cartoonists' labor used as inp..
The market price of the product is $10 per unit and the market wage rate is $8. Labor employed 4, total product 17 labor employed 5, total product 20 labor employed 6, total product 25 labor employed 7, total product 28 labor employed 8, total produc..
Additionally, due to innovations in the financial system, the velocity of money is rising at 2% per year. If the Fed wants to maintain a zero-inflation monetary policy, at what rate must in increase the money supply What if they want to keep infla..
Suppose that the economy is thought to be 2% above potential (that is, the output gap is 2%) when potential output grows 4% per year. Suppose also that the Fed is following the Taylor rule, with an inflation rate of 2% over the past year.
Bygrave forecasts incremental annual sales revenue of $940,000. Similarly, Bygrave expects total variable costs to increase by $500,000, and total fixed costs to increase by $80,000. Bygrave's marginal tax rate is 39%.
a graduated payment plan with the first payment set at 1500 at year 1 and a gradient of $600 afterward, plus a remaining lump sum at end of year 5. determine the lump sum amount so that the pay back is completed in full, considering the interest r..
Draw a supply-demand equilibrium for each of the cigarette and chewing tobacco markets before and after the introduction of the regulations.
Using what you have learned and any independent research you may conduct, which product should each country specialize in, and why?
What did the framers intend to ban with the 8th Amendment? How does that intent apply in today's society?
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