Price ($ per car) 39,500 20,000 17,000 3,000 Marginal social side benefits from domestic production ($ per car) 7 8.5 7 8.5 13 15 Sd Do Tariff Quantity (thousands of cars per year) MSSB Quantity (thousands of cars per year) Question 1. In the diagram above, area t (which includes both dark and light shaded area) is $4 million. a. What is the gain/ loss to the country from imposition of a $3,000 tariff on import of cars? b. What is the gain/loss to it from a $3,000 subsidy per car on domestic production of cars?
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- How expensive public transport is impact on people with low salary ? Graph it.You have an 8:30 class this morning but you are feeling extremely tired. How do you decide whether toget some extra sleep or go to class?Say that you are a manager with the Transportation Security Administration (TSA). The table below shows fictional estimates of the marginal benefit and marginal cost of additional TSA security lines at Mahlon Sweet Field, the airport in Eugene, Oregon. Number of Marginal In this space, draw the graph of the marginal data from the left columns. Answer these questions below using the data table and graph. Benefit 3. Security Lines 1 2 3 4 5 6 $10,000 9,000 7,000 5,000 4,000 3,000 Marginal Cost $2,000 3,000 4,000 5,000 8,000 12,000 The surplus of the marginal benefit over cost for the second security line is $ and $ for the third security line. If your goal is to maximize total surplus, you WILL / WILL NOT (circle one) operate a third security line. The optimal number of TSA security lines is because this is where the marginal equals the marginal which maximizes total
- The data beloN shows how the marginal benefit of attending Durham Bulls baseball games varies for Joan with the number of games attended this season. Number of Games Attended This Season Marginal Benefit (5) 1 25 20 15 10 5. 5. The price of a ticket is $18 and is equal to the marginal cost of attending each game. Assuming that Joan behaves rationally, she will attend OA. 2 games this season, OB. 3 games this season. OC.5 games this season, O0.1 garme this season OE. 4 games this season.4.4 how am i supposed to show this, are there going to be two lines crossing over eachother?Emmanuel likes gardening. He grows zucchini that he sells at the local farmers' market. The table below describes the benefits and costs Emmanuel faces as he decides how many hours to dedicate to his garden each week. Emmanuel's Gardening Benefits and Costs Hours Total Benefit Spent Gardening (dollars) 1 $27 2 3 4 5 6 7 51 72 90 105 117 126 Marginal Benefit (dollars) Total Cost (dollars) $9 21 36 54 75 99 126 Marginal Cost (dollars) $ MO Instructions: Enter your answers as a whole number. Complete the "Marginal Benefit" and "Marginal Cost" columns in the table above. D 13
- ANSWER LETTER A As a eco-tourism site, the Kubak crystal caves are renowned for their stalactites and stalagmites.The warden of the caves offers a tour each afternoon at 2pm sharp. The caves can be shown toonly four people per day without disturbing their fragile ecology. Occasionally, however, more thanfour people want to see the caves on the same day. The following schedule lists the people whowanted to see the caves on September 24, 2003, together with their respective times of arrival andreservation prices for taking the tour that day. Customers Arrival Time Reservation price Herman 1:48 P 20 Jon 1:50 14 Kate 1:53 30 Jack 1:56 15 Penny 1:57 40 Fran 1:59 12 Faith 2:00 17 a.) If the tour is “free” and the warden operates on a first-come, first-served basis, what will the total consumer surplus be for the four people who get to go on the tour that day? b.) Suppose the warden solicits volunteers to postpone their tour by offering increasing amounts of cash…9. Chapter malper, Section .11, Problem 022 (ID: 022.11.MANK09) The Pennsylvania Turpike is a tolled freeway running through the state of Pennsylvania. Motorists must pay toils at various points along the Turnpike based on the distance they traveled on the freeway. Suppose that despite the tolls, many motorists in the urban areas use the Turnpike causing traffic to slow during peak times. What type of good would the Turnpike be classified as in this case? Ca. Common resource Ob. Private good. Oc. Public good Cd. Club good741 Ny 7:0 Mond Content X + ultra/courses/_99030_1/cl/outline manipic cempo me manipic accompis. INIU Force Completion. This test can be saved and resumed later. BILLETTE Your answers are saved automatically. * Question Completion Status: QUESTION 1 The goal of the consumer is to maximize the total utility or satisfaction derived from their purchase choices, given the unique budget constraint. To calculate total utility of a given combination of T-shirts and movies, one would use the following approach: O a. For a given combination of T-shirts and movies, survey a group of individuals to determine an average for utils to be assigned to the number of T-shirts and movies. O b. For a given combination of T-shirts and movies, use Google to identify the number of utils associated with the number of T-shirts and movies and thenlum them. O c. For a given combination of T-shirts and movies, assign a number of utils to that combination. O d. Use utils as a measure of utility, assigning a…
- Juanita is a talented artist who sells hand-crafted goods on her website. Juanita currently crafts and sells both tea towels and pillows. She spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of her time is spent on each good. Hours Crafting Produced Choice (Tea towels) (Pillows) (Tea towels) (Pillows) A 0 4 0 B 2 3 10 4 2 16 6 1 19 0 20 PILLOWS C D E 30 25 On the following graph, use the blue points (circle symbol) to plot Juanita's initial production possibilities frontier (PPF). 20 2 10 5 0 D 8 6 4 1 NO 2 8 + 2 3 4 TEA TOWELS 5 8 7 Initial PPF 4 New PPF Suppose Juanita is currently using combination D, producing one tea towel per day. Her opportunity cost of producing a second tea towel per day is per day. Now, suppose Juanita is currently using combination C, producing two tea towels per day. Her opportunity cost of producing a third tea towel per day per day. is8. The Canadian National Advisory Committee on Immunization (NACI) recommended against vaccinating the whole population against the smallpox virus because the vaccination has undesirable, and sometimes fatal, side effects. Suppose the accompanying table gives the data that are available about the effects of a smallpox vaccination program. Percent of population vaccinated 0% 10 20 30 40 50 60 Deaths due to smallpox 200 180 160 140 120 100 80 Deaths due to vaccination side effects 0 4 10 18 33 50 74 a. Calculate the marginal benefit (in terms of lives saved) and the marginal cost (in terms of lives lost) of each 10% increment of smallpox vaccination. Calculate the net increase in human lives for each 10% increment in population vaccinated. b. Using marginal analysis, determine the optimal percentage of the population that should be vaccinated.16. what is the ethical approach in which action results in the most good and least harm and Is concerned with the consequences of decisions?