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Defenders of Wildlife. Each of the 80,000 citizens in a particular county is willing to pay $0.10 to increase the number of wolf litters by one. Each litter of wolves imposes a cost of $5,000 in livestock losses to ranchers.
a. Is the provision of an additional litter of wolves efficient from the social perspective?
b. Visit the Web site of Defenders of Wildlife. Then design a system that will generate the socially efficient outcome.
Suppose the hourly wage is $10 and the price of each unit of capital is $25. The price of output is constant at $50 per unit. The production function is F(L,K)=L^1/2*K^1/2 If the current capital stock is fixed at 1,600 units, how much labor should..
What is the profit maximizing value for production and at what price is this product sold for?
The following statement was released through FOMC following recent meeting on March 21. The Group, although hopeful for a future of moderate growth with moderating inflation,
Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfares are $600, but you have a frequent-flyer coupon worth $500 that you co..
A business license allows a firm to operate the business for one day. The city will auction up to seven business licenses to the highest bidders, and the auctioning licenses will continue as long as someone bids a positive amount for one of the li..
However, when the commissioner granted the 10 percent increase, revenues increased by only about 5 percent. What can you infer about the elasticity of demand for taxicab rides. What were taxicab drivers assuming about the elasticity of demand.
Consider a nation that produces only one final good: oranges. In 2010 the nation's orange producers sold a total of 100 oranges at a price of $2 per orange. In 2011 the nation's orange producers sold a total of 300 oranges at a price of $4 per oran..
Suppose you are an analyst for the Coca-Cola company. An individual's inverse demand for Coca-Cola is estimated to be P = 98 - 4Q (in cents). If Coca-Cola is produced according to the following cost function TC = 1,000 + 2Q (in cents)
a cell phone company is considering investing in additional cell phone towers. it estimates that if it builds k towers
Assume that current wind farms produce 2.5 W/m2. Succinctly explain whether you would expect the average power per square meter of wind farms to rise or fall as the production of wind energy expands to, say, 10% of our primary energy consumption...
Compared to other countries, the U.S. has had a low level of inflation since 1983. The only years that the inflation rate was over 4% for consecutive years 1988-1991. From 1987 to 1992 the CPI went from 113.6 to 140.3.
Suppose we have an economy with only one aggregate production function, given by: Y = A(K + N^ 2/3 ) where Y is output, A is TFP, K is capital and N is labour. Calculate the market-clearing real wage
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