Question
In: Economics
Table 11-6 Consider the city of Widgetapolis with only four residents, John, James, Mary, and Lydia....
Table 11-6 Consider the city of Widgetapolis with only four residents, John, James, Mary, and Lydia. The four residents are trying to determine how many hours to spend in cleaning up the public lake. The table below shows each resident’s willingness to pay for each hour of cleaning. Hours John James Mary Lydia 1 $30 $50 $40 $10 2 25 40 37 9 3 20 30 34 8 4 15 20 30 7 5 9 10 25 6 6 3 0 15 5 7 0 0 5 4 Refer to Table 11-6. Suppose the cost of cleaning the lake is $20 per hour, and that the residents have agreed to split the cost of cleaning the lake equally. If the residents vote to determine the number of hours spent cleaning the lake, basing their decision solely on what maximizes their own surplus, what is the most number of hours for which all four residents would vote “yes?” a. 6 hours b. 4 hours c. 3 hours d. 5 hours
Solutions
Rahul Sunny answered 2 years agoRelated Solutions
For the next four questions, consider the following table of a city consisting of five districts...
For the next four
questions, consider the following table of a city consisting of
five districts that is debating where to build a new stadium and a
free public wifi network. The table shows the benefit (positive) or
harm (negative) in each city district from doing these
projects.
The socially best
outcome (highest total benefit to the whole city) is to
Question 11 options:
build the stadium but
not the wifi network.
build the wifi network
but not the stadium....
Consider a mid-size city of 3,000,000 people in the Cairo city . Suppose that its residents...
Consider a mid-size city of 3,000,000 people in the Cairo city .
Suppose that its residents produce, on average, 6.0 kg a day of
MSW. At present this waste is being hauled 180 miles away (in a
southeasterly direction) where it is being used to fill in an
abandoned open pit nickel mine. The mine and deposited wastes abut
a shallow marine embayment. Seaweed, shellfish, crustaceans, and
fish are harvested from this embayment and eaten by both the local
fishermen...
The average age of cars owned by residents of a small city is 6 years with...
The average age of cars owned by residents of a small city is 6
years with a standard deviation of 2.2 years. A simple
random sample of 400 cars is to be selected, and the sample mean
age of these cars is to be computed. What is
the probability that the average age of the 400 cars is
more than 6.1 years? Show all main steps of your calculation. (No
points will be given to an answer of only a final number provided
even...
The following table shows how the private marginal benefit enjoyed by John, Mary, Loren, and all...
The following table shows how the private marginal benefit
enjoyed by John, Mary, Loren, and all other consumers of outdoor
rock concerts varies with the number made available by a city
government per summer.
A. Derive the demand curve for rock concerts assuming an outdoor
rock concert is a public good and graph the problem. Note: It is
not necessary to derive demand using algebraic equations, this can
be illustrated graphically.
Number of Concerts
Consumers
1
2
3
4
John...
The table below shows the murder rate per 100,000 residents for a large American city over...
The table below shows the murder rate per 100,000 residents for
a large American city over a twelve-year period.
Year
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Rate
8.8
7.1
7.2
6.8
6.4
7.1
5.8
6.1
5.4
6.2
6.1
4.9
Enter the coefficients of the regression line for
this data, rounding each to two decimal places:
Slope:
Intercept:
Use your regression line (with rounded
coefficients) to estimate this city’s murder rate in 2012. Round
your...
SENTENCES IN BOLD ARE THE QUESTIONS Consider a town in which only two residents, Felix and...
SENTENCES IN BOLD ARE THE QUESTIONS
Consider a town in which only two residents, Felix and Janet,
own wells that produce water safe for drinking. Felix and Janet can
pump and sell as much water as they want at no cost. For them,
total revenue equals profit. The following table shows the town's
demand schedule for water.
Price
Quantity
Demanded
Total
Revenue
(Dollars per
gallon)
(Gallons of
water)
(Dollars)
3.60
0
0
3.30
35
$115.50
3.00
70
$210.00
2.70
105...
Question 6 (11 marks) (Note this question is from the Week 11 Tutorial) There are four...
Question 6 (Note this question is from the Week 11
Tutorial) There are four (4) main transmission channels that can be
used as monetary policy to target the official interest rate.
Identify each of the four (4) transmission channels and explain,
within the context of monetary policy, the impact each channel has
on economic activity. (11 marks. Word limit Maximum 500 words)
3. Breakdown of a cartel agreement Consider a town in which only two residents, Sam and...
3. Breakdown of a cartel agreement Consider a town in which only
two residents, Sam and Teresa, own wells that produce water safe
for drinking. Sam and Teresa can pump and sell as much water as
they want at no cost. For them, total revenue equals profit. The
following table shows the town's demand schedule for water. Price
Quantity Demanded Total Revenue (Dollars per gallon) (Gallons of
water) (Dollars) 3.00 0 0 2.75 50 $137.50 2.50 100 $250.00 2.25 150...
3. Breakdown of a cartel agreement Consider a town in which only two residents, Sam and...
3. Breakdown of a cartel agreement
Consider a town in which only two residents, Sam and Teresa, own
wells that produce water safe for drinking. Sam and Teresa can pump
and sell as much water as they want at no cost. For them, total
revenue equals profit. The following table shows the town's demand
schedule for water.
Price
Quantity Demanded
Total Revenue
(Dollars per gallon)
(Gallons of water)
(Dollars)
3.00
0
0
2.75
50
$137.50
2.50
100
$250.00
2.25
150...
3. Breakdown of a cartel agreement Consider a town in which only two residents, Yakov and...
3. Breakdown of a cartel agreement
Consider a town in which only two residents, Yakov and Ana, own
wells that produce water safe for drinking. Yakov and Ana can pump
and sell as much water as they want at no cost. For them, total
revenue equals profit. The following table shows the town's demand
schedule for water.
Price
Quantity Demanded
Total Revenue
(Dollars per gallon)
(Gallons of water)
(Dollars)
4.20
0
0
3.85
40
$154.00
3.50
80
$280.00
3.15
120...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Your friend is looking for investors in a risky business venture. To convince you to participate,...
- Suppose you observe the following situation: State of Economy Probability of State Return if State Occurs...
- Merger Analysis TransWorld Communications Inc., a large telecommunications company, is evaluating the possible acquisition of Georgia...
- Journal Entries and Trial Balance Elite Realty acts as an agent in buying, selling, renting, and...
- In racket Assume that the elements of a list are indexed starting with 1. Write a...
- Describe System Development Life Cycle (SDLC) and how it is used.
- What symbolism do you find in the play,Oedipus?
ADVERTISEMENT