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Mena would like to build a dam in the Grand Canyon of Western US to provide electricity to the nearby urban area of Las Vegas. Suppose the dam costs $800 million to build and is expected to generate $150 million of annual electricity production forever. The annual discount rate is 5%. There is the possibility of environmental damage from flooding the Canyon. In fact, there is a 50% chance that the environmental damages from building the dam will be as high as $100 million per year and a 50% chance that there will be no damages from building the dam.
a. Without taking into account the expected environmental damage, is the dam a good idea?
b. Taking into account the expected environmental damage, is the dam a good idea (assuming we build it today)?
Asymmetric information is a problem in many markets, such as the used car market, the insurance markets, and the credit markets. Choose one of these three markets, and using some of the concepts you learned from this module, discuss the questions bel..
Gordon also works 5 hours a week for the economics department to maintain that departments web page. Illustrate the economics department pays gordon $20 per hour.
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Which of the following taxes are not equivalent to each other? Assume that each is a proportional tax.
Personal possession of currency is prohibited in U.S. prisons, although, in practice, prisoners still exchange goods and services. Until 2003, the year in which the U.S. government banned smoking in federal penitentiaries, cigarettes were the preferr..
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The main difference between neorealists and classical realists is that:
Fig. 17-2 in Froeb & McCann shows a decision tree for deciding whether to enter a new market. Because the expected value of entering ($1) was greater than the expected value of not entering ($0), the decision was to enter. Why might the decision make..
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FRED reports that the University Michigan Consumer Sentiment Index was 82.5 in June 2014 and 96.1 in June 2015, the most recent month reported. Explain how this change affects the bond market, the money market, the international exchange market for t..
In 2003, when music downloading first took off, Universal Music slashed the prices of CDs from an average of $21 to an average of $15.
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