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You perform a travel cost study that looks at the relationship between the cost of visiting a lake (including costs of travel, value of time spent not working & any entry fees), its water quality (measured by the concentration of fecal coliform bacteria) and the actual numbers of visitors. Circle the categories of values (willingness-to-pay) that this method can potentially uncover for individuals (there may be more than one).
a. Changes in recreational use value related to planned improvements in water quality
b. Reductions in consumer welfare from increasing the entrance fee
c. Benefits to homeowners that never use the lake but enjoy views of the lake and have increased property values due to their proximity to the lake
d. Changes in the non-use value of the lake as its perceived quality changes
Suppose a potential entrant is considering entering, but the monopolist has a cost advantage in that the MC for the potential entrants is: MCe = ACe = 50. Assume that the monopolist continues to maximize his profits, solve for the residual demand cur..
Scarcity shapes decisions about how to distribute goods. Because resources are scarce consumers buy fewer good.
If GDP is rising by 3 percent per year how long will it take GDP to double? Given the same conditions how long will it take Per Capita GDP to double if the population grows at 2 percent?
Illustrate with a graph how the PPF presents a strong rationale for the plausibility of the law of supply and supply and demand graphs indicating the change in equilibrium price and quantity.
Explain why the productivity standard for the distribution of income entails rewarding people based on their contribution to societys total output. Why does the productivity standard typically fail to yield an equal distribution of income
Many factors determine the supply and demand for labor. Identify and explain two factors that would increase or decrease the demand for labor. Identify and explain two factors that would increase or decrease the supply of labor.
Diagram the total product, marginal product and average product functions showing the division points between stages I, II and III of the production process. How do these stages of production relate to isoquants.
1) Whether an asset is "liquid" often depends on what situation you are in. For each of the pairs of assets below, which is more liquid in the particular setting? You want to buy a sofa: A savings account or currency You want to trade for a bolo..
describes a measure used to compare two different tests with the same group of participants to see how closely correlated the two sets of scores are with each other. Inter-rater reliability, Test-retest reliability, Parallel-forms reliability, Intern..
Johnny Appleseed has an orchard with 1000 trees. Each tree can either produce α pounds of apples or σ pounds of apple sauce. Using the symbols A for apple and S for apple sauce, find the equation of the PPF between A and S (use A as the depe..
Discuss two situations in which you made a decision by weighing the marginal cost and marginal benefits. Explain your rationale in economic terms, such as the marginal principle and principle of diminishing returns.
What is an "oligopoly" and why do they exist? Mention three or four oligopolies whose products you own or regularly purchase.
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