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Demand Curves for Public Goods
Adam and Eve live on two sides of the Garden of Eden, a small suburban development. After they move in, an old PCB dump is discovered between their houses. If X total v tons of PCBs are removed from the dump, Adam and Eve have a true willingness to pay (WTP) to finance a cleanup as follows:
a. Adam's WTP is higher than Eve's. Does this necessarily imply that Eve is less concerned than Adam about exposure to PCBs? Why or why not?
b. Draw one diagram illustrating the two individuals' demand curves for cleanup and the total demand for cleanup in the neighborhood. What is the total WTP for 3 tons of cleanup? For 4 tons?
c. If cleaning up 2 tons were to cost $12, is the WTP in this small community sufficient to finance it? What are the two potential reasons a voluntary cleanup might nevertheless fail?
On the same graph, draw the daily budget constraint under AFDC for the single parent. According to AFDC, the family was given an income subsidy depending on family size and the family's benefit was reduced by $1 for every dollar earned. Suppose th..
The Haverford Company is considering three types of plants to make a particular electronic device. Plant A is much more highly automated than Plant B, which in turn is more highly automated than Plant C. for each type of plant, average variable c..
Tom earns $15 per hour for up to 40 hours of work each week. He is pair $30 per hour for every hour in excess of 40. Tom faces a 20 percent tax rate and pays $4 per hour in child care expenses for each hour he works.
ux1x2min3x1 6x2 ip1x1p2x2 p1 4 p2 5i 20a write the function for the indifference
What is the value of the LAC that the firm will incur?
A stock was priced at $150 per share at the end of 2007. The following table shows dividends per share paid during each year and the price of the stock at the end of the year for the following four years: Dividends Paid Stock Price at Year During ..
The marginal cost of maintaining apartments that are over 15 years old can be expressed as P = 90 + Q The marginal cost of maintaining apartments newer that can be expressed as P = 120 + 2Q where P is the amount of rent in dollars paid each month and..
Suppose an economy's real GDP is $42,000 in year 1 and $43,200 in year 2. What is the growth rate of its real GDP? Instructions: Round your answer to two decimal places. The growth rate of the economy's real GDP =_____%
The constant per unit price of M is $30; the constant per unit price of T is $20; and Bharat has $300 to spend on these activities. If the price of M rises to $35, what is the appropriate compensating variation.
By filling carbon nanotubes with miniscule wires made of iron and iron carbide, incredibly thin nano wires could be extruded by blasting the car- bon nanotubes with an electron beam. If Gentech Technologies spends $2.7 million now in develop- ing ..
Assuming this theory is true, what are the consequences for economic growth?
McDonald's is a force to contend with both domestically and globally. The company has been a success story world-wide because of its focus on marketing details and because it plans globally yet acts locally.Choose a doughnut/cinnamon bun/bread..
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