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The City of Rochester is thinking of expanding its airport. The expansion will increase travelers' consumer surplus by $100 and airlines' producer surplus by $200, while costing taxpayers only $50. However, the expanded airport will be much noisier. Hearing the noise would impose a $10 cost on each of the airport's 30 neighbors. Can you tell whether the expansion would improve social welfare? Why or why not?
Assume that the price of silk ties in a perfectly competitive market is $19 and that the typical firm confronts the following costs: Quantity (ties per day) 0 1 2 3 4 5 6 7 8 9 10, Total cost $10 $17 $26 $37 $50 $65 $82 $101 $122 $145 $170
Show your steps. B. After the equilibrium is reached, suppose 100,000 new jobs are created, causing 200,000 new migrants to enter the city. Does the equilibrium rate change? What is the new rate of urban unemployment right after the new migrants h..
Given the choice, a risk-averse person would be more willing to toss a coin twice and receive $1 each time tails comes up than to a coin once and receive $2 if tails come up.
felix and kim are farmers.each one owns 5 acres of land the following table shows the amount of corn and alfelfa each farmer can produce on any given acre. both farmers can chose wheater to devot 5 acres for producing corn only, alfelfa only,or to..
Explain the relationship between Cola Magic and Lemon Heaven Soda and explain what affect a 10% increase in the income of the targetmarket would be on the demand for the Cola Magic?
Explain the concept of externality in economics? Give one example of a positive and a negative externality in Australia and what is Thorpe's marginal cost of GPA? Show and explain how his MC curve is derived.
Suppose that the market for corn is characterized by many small farmers/firms who have no impact on the final price of corn. The market demand for corn has been estimated to be
Charles decides to go to an operabecause he does not want to waste the $100 he spent on the nonrefundable and nontransferable opear ticket, despite the fact that he would prefer to forgo the opera and go to a concert with Bette on the same night.
Explain why the price elasticity of demand is generally a negative number, except in the cases where the demand curve is perfectly elastic or perfectly inelastic. What would be implied by a positive price elasticity of demand
If the government were to make university attendance mandatory and subsidize tuition costs with tax dollars, how might this affect a nation's economic growth?
Examine your Y data (excluding the hold out period) to determine if it needs to be differenced to make it stationary. Show a time series plot of the raw Y data and autocorrelation functions (ACFs).
Suppose we have a simultaneous moves entry game where the incumbent and the entry have to both decide on the strategies at the same time
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