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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.
Explain the detail central problem of an economy?
I purchase a used stove for $155 when I was willing to pay $185. If a new stove costs $375,what is my consumer surplus
Globalization: A generalized historical process by which more economic activity occurs across national borders. Forms of globalization include international trade (imports and expo
Suppose scientists discover that eating soybeans prevents cancer and heart disease
Average product and marginal product: Average product (AP) is the output per unit of the variable factor employed. In other words, it is the productivity of the variable facto
IMPLEMENTATION OF ECONOMIC POLICIES: Innumerable studies are available to document these failures of policy and planning. However, there are vast differences of opinion conce
Selecting Output in Short Run * We will combine production and cost analysis with demand to determine output and profitability. A Competitive Firm Making Positive Profit
what does General Equilibrium in consumption means?
Participation in Global System of Production: As national economies are getting more inter-linked, the share of foreign components in most manufactured products is progressiv
Consider the following insurance market. There are two states of the world, B and G, and two types of consumers, H and L, who have probabilities pH =0.5 and pL =0.25 (high and low
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