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A hedonic regression is run on the selling prices P of houses near an airport that sold within the last five years that results in the equation P =500000−400×N+0.75×income where P is the most recent selling price in current year dollars, N = 50/d, and d is the distance from the airport in miles. By current year dollars one means that the selling prices have been adjusted for inflation and the base year is the year of today’s date. 1. (a) What is the marginal willingness to pay on a per house basis for noise abatement when the benchmark is the noise level at 1 mile from the airport. 2. (b) What is the annualized marginal willingness to pay assuming an interest rate of 10%.
Suppose that the total revenue received by a company selling basketballs is $840 when the price is set at $30 per basketball and $840 when the price is set at $20 per basketball. Without using the midpoint formula, identify whether demand is elastic,..
The value of the action The cost of the action The difference between the benefit and the cost of the action
Identify a particular industry (non-government) that meets the criteria for Pure Competition or Monopoly. Explain clearly why you think the industry is in Pure Competition or is a Monopoly and evaluate it from perspectives of efficiency and equity. I..
Suppose the following system of equations for a product: Solve for the socially efficient equilibrium. When P=30, what will be happening to the market? Explain.
Which of the following is not a characteristic of a monopolistically competitive market structure? There are low barriers to entry of new firms. All sellers sell products that are differentiated. There is a large number of independently acting small ..
Machine A costs $20,000, lasts 3 years and has a salvage value S of $3,000. Machine B costs $12,000, lasts 2 years and has a salvage value of $2,000. The machines can be purchased at the same price with the same salvage value in the future, and are n..
Which of the following scenarios is an example of a transmission lag? Which of the following scenarios is an example of a data lag?
Suppose your nominal income in 1995 was $24,000. Suppose, too, that the Consumer Price Index for 2012 was 2.5 and that the base year for this index was 1995. How much nominal income would you need in 2012 in order to match the spending power of your ..
Suppose the demand for gasoline is QD = 75 – 25PD and supply is QS = 30 + 20PS, where prices are expressed in dollars per gallon. How does a $0.40 per gallon tax affect the equilibrium price and quantity of gasoline (show both the pre-tax and post ta..
Do US non-profit organizations with tax exemption under Section 501(c)(3) of its Internal Revenue Code which have investments (such as university endowment funds) have to divulge these investments in any sort of filings? If so, are these required to ..
A small consulting company is planning to make deposits such that each one is 3% larger than the preceding one. What is the annual equivalent of this cash flow if the company makes 12 deposits and the interest rate is 8%? The first deposit is $7,000 ..
Critics of federal banking policy argue that deposit insurance is a key reason for banking failures. The banks enjoy a "heads I win, tails the government loses" proposition. Several possible reforms of deposit insurance have been suggested. For examp..
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