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Government policies affect who gets the scarce water in the western United States and how that water is used. In 2004, farmers in California's Central Valley paid as little as $10 per acre-foot, while in urban San Jose, California, a water agency shelled out $80 an acre-foot. Price differentials between agricultural and other uses can persist only if the groups cannot trade. Critics argue that eliminating the agricultural subsidy would encourage farmers to conserve water. The California Department of Water Resources estimates that doubling water prices would reduce agricultural water use by roughly 30% (Jim Carlton, "Is Water Too Cheap?" Wall Street Journal, March 17, 2004, B1). Further, farmers would use water more efficiently. (An alternative approach is to allow farmers to sell their cheap water in a competitive market-an approach some areas are using.)
a. Based on the data in the description of this problem, what is the price elasticity of demand for water?
b. What is the relationship between the price elasticity of demand for water and the effect of a price increase on water conservation?
Use the capital-asset pricing model to predict the returns next year of the following stocks, if you expect the return to holding stocks to be 12 percent on average, and the interest rate on three-month T-bills will be two percent.
The flat aluminum bar shown in profile has a constant thickness of 10 mm. Determine the elongation of the bar caused by the 6-kN axial load using numerical integration. For aluminum E = 70 × 109 Pa.
Design an incentive plan that seeks to elicit high effort by granting restricted stock. Show that one-half million shares granted at $70 improves shareholder value relative to all prior alternatives.
Below are hypothetical data for the economy in a particular year. There is no statistical discrepancy. Export 179Capital consumption allowances 79 Government current purchases of G & S 134 Indirect taxes (less subsidies) 76
Consider the optimal choice of labor and leisure discussed in the text. Suppose a consumer works the first8 hours of the day at a wage rate of $10 per hour, but receives an overtime wage rate of $20 for additional time worked.
Which policy would a supply-sider prefer, an across-the-board tax reduction in income tax rates or a package of tax-relief measures that would give every household a $200 tax rebate and allow them to deduct the interest they pay on credit card pur..
a firm hires four workers and rents 10 capital units for a operationg period. it produces 12000 units. if it had
In a graph with theatre tickets on the vertical axis and cappuccinos on the horizontal axis, draw the budget constraint to scale, marking the intercepts.
Complete the table. What is the marginal propensity to save? What is the marginal propensity to consume?
What would be the price and quantity produced if this were a competitive market (assume marginal costs to be $75)?
A factory produces output (Q) using capital (K) and labor (L) according to the production function Y(K,L)=K^1/5*L^4/5 Let r denote the price per unit capital, and w denote the price per unit labor, so that the total expenditure on these factors is ..
Vander's sells bicycle in a small shop on main thoroughtfare, and the manager has computed some numbers based on past sales of bikes. she estimates the demand curve to be P=80-2Q. costs are given by C=200+20Q.what numbers would you use to back up y..
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