Suppose a five-person city council must decide via majority voting which of these stadiums to build. Also, suppose that each of the stadium sizes has the support of one council member. Accor voter model, the council will ultimately vote in favor of the stadium
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- The New York City Council is ready to vote on two billsthat authorize the construction of new roads in Manhattanand Brooklyn. If the two boroughs join forces, they can passboth bills, but neither borough by itself has enough powerto pass a bill. If a bill is passed, then it will cost the taxpayersof each borough $1 million, but if roads are built in aborough, the benefits to the borough are estimated to be $10million. The council votes on both bills simultaneously, andeach councilperson must vote on the bills without knowinghow anybody else will vote. Assuming that each boroughsupports its own bill, determine whether this game has anyequilibrium points. Is this game analogous to the Prisoner’sDilemma? Explain why or why not.High-income people are willing to pay more thanlower-income people to avoid the risk of death.For example, they are more likely to pay for safetyfeatures on cars. Do you think cost–benefit analystsshould take this fact into account when evaluatingpublic projects? Consider, for instance, a rich townand a poor town, both of which are considering theinstallation of a traffic light. Should the rich town usea higher dollar value for a human life in making thisdecision? Why or why not?Refer to Table 12.2. The externality created by the refrigerator production was 100. However, once we accounted for both the private and additional external costs, the market price increased by only 50. If the external costs were 100 why did the price only increase by 50 when we accounted for all costs?
- Suppose that Sonys R. Is this a private or social benefit?Suppose that you are an economic-policy advisor. Environmental groups are pressuring you toimplement the highest-possible carbon tax, whileindustry groups are pressuring you to implementno carbon tax at all. Both argue that their positionmakes more sense economically. Explain to themwhat the most-efficient tax level will be, and whythere are costs to setting the tax too high or toolowcap-and-trade and windfall profitsA city called Seoul is suffering from high concentrations of mercury in the air, caused by burningcoal in power plants. There are two of these plants close to the city. The city’s mayor wants touse cap-and-trade to reduce emissions to a reportedly “safe” level of 60 tons. The two firms havethe following marginal benefits of emissions: MB1 = 100 – 2e1, MB2 = 25 – 0.5e2.a. How much mercury will each firm emit? What allowance price will prevail in themarket?Firm 2 hires a smart lobbyist who convinces the government that its profits are relatively low andthat it therefore deserves a generous allowance allocation. The government agrees and allocatesa1 = 20 allowances to firm 1 (for free) and a2 = 40 allowances to firm 2 (for free).b. What are the firms’ profits? Do any of the firms earn windfall profits? [Hint: compareprofits with and without regulation.] Windfall profits have been sharply criticized by consumer advocacy groups and politicians.c. What can…
- Suppose Walmart has announced plans to seek approval from the planning commission of a small town to build a new store. Develop alist of the main arguments, pro and con, that could be presented at a public hearing on the matter by members of each of these groups: 1. Owners of small businesses located nearby.2. Town residents, and residents of nearby towns. How might a Walmart representative respond to the negative criticisms that might be brought up, and what other benefits could the representative offer the planning board to bolster Walmart’s case for gaining the board’s approval?Project Repair highways Build new highways Build a new bridge Build a new tunnel Expand existing airport Total Cost (in millions) $100 $100 $100 $100 $100 Total Benefit (in millions) $80 $90 $140 $115 $130 This table shows the costs and benefits for some new projects that a local government is considering. Based on these costs and benefits, which project should the government select? O Build new highways O Expand existing airport O Build a new bridge O Build a new tunnel O Repair highwaysA county govermment has constructed a small dam across a local river in order to control flooding and regulate river flow downstream. However, although the dam has significanty reduced the cost of flooding that used be incurred by the community from what used to be frequent floods, the dam has also eaten-up some of the farmland upstream of the river, thus causing loss of revenue from farming and other related businesses. In performing a benefit-cost analysis of the dam project, which of the folowing is the most traditional form of calculating the B-C ratio for this project? OA PW(Reduced flood conts) - PW(Loss of revenue from farming and related businesses) Initial project costs + PW(Annual O &M Costs) B-C PW(LOss of revenue from farming and related businesses) - PWIReduced flood conts) Initial project costs PW(Annual O & M Costs) OB. B-Ce PW(Reduced flood costs) Initial project costs + PW(Annual O & M Costs) PW(Loss of revenue from farming and related businesses) Oc. B-C- D. B-C=…
- Aiticle Link: https://bit.lv/3fbNtrFe The following graph represents the market for high-emissions cars. Answer this question assuming that the externality is not internalised. Price of high tmiiees vekides Secial Value Babetty high emistions vehiles What is the private value of the last unit traded (or the willingness to pay of the marginal buyer) in the market? P1 O P2 O P3 P4мсо 46 If the units of output purchased in a competitive market generate positive externality benefits, we can infer that the competitive equilibrium outcome is such that: A the market price is equal to marginal social benefit B marginal private cost is greater than the market price C I do not want to answer this question. D marginal private cost is greater than marginal private benefit E marginal private cost is less than marginal social benefit F marginal private benefit is greater than marginal social benefitA steelmaking plant pollutes the air and water so % 5 O A. the marginal private cost of producing steel minus the marginal social cost equals the marginal external cost O B. the marginal private cost of producing steel equals the marginal external cost plus the marginal social cost OC. the marginal social cost of producing steel exceeds the marginal private cost by the amount of the marginal external cost O D. the marginal social cost of producing steel is less than the marginal private cost by the amount of the marginal external cost t 6 Oll y 887 7 O U * 8 19 ( O ✓ p T Next A