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Suppose you are a regulator in charge of allocating water between residential and agricultural users (farmers) in Southern California. You conduct a survey that finds that under the current split the average residential water consumer would be willing to pay up to $0.70 a gallon for the next gallon of water they consume while the increased market value of crop production from the gallon of water (after farmers pay their costs) to the most profitable farmer would be $0.20. Is the current allocation of water economically efficient (circle: yes or no)? If not, in what direction should the water be reallocated? In a sentence or two explain how we would expect these two quantities to compare to each other if net benefits were maximized.
The demand curve for gasoline is P = 200 - 10Q. a. Find the elasticity of demand for a quantity of 8. Does this number imply that quantity demanded is sensitive to price change
is south africa''s economic system now more allocative efficient
a project report on marshalls marginal utility analysis
Neoclassical economics is dominant approach to economics currently taught and practiced in most of the world (and particularly dominant in Anglo-Saxon countries). It attempts to ex
A Competitive Short Run Supply Curve of Firm * Observations: - P = MR - MR = MC - P = MC * Supply is amount of output for every possible price. Thus: - If
Dividends:Several companies pay a cash dividend (annually orquarterly) to the owners of its shares. This is an enticement to investors to buy that company's shares and signifies a
Criteria of a Good Forecasting Method: 1. Simplicity : and Ease of Comprehension: Management must be able to understand and have confidence in the techniques used compli
Malthus and the Food Crisis - Malthus predicted starvation as diminishing returns limited agricultural output and the population continued to grow. - Why did Malthus' predic
The drawbacks of a mixed economy actually depend on how "mixed" it is. For instance, if it is mixed more towards a free-market, there is little regulation (some may see this as a g
Question 1: (a) Using examples, explain the difference between time-series, cross-sectional, and panel data. (b) Formulate a simple linear equation, and carefully explain
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