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What is the maximum amount of grain per year that Angela would be willing to pay so that the law passed? Explain your answer using the diagram.
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E. The outcome D is Not Paratoo efficient because Bruno obtained all economic rent and Angela obtained no rent. Is this statement correct or false? Please discuss your answer making reference to the diagram.
by Bartleby Expertd. “As a result of the new law, Bruno receives no economic rent”. Is this statement correct or false? Please discuss your answer making reference to the diagram.
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- Recently NJ chose to increase the minimum wage, who are the winners andlosers? Why? Make sure to draw a graph to support your answer. What is analternative solution?What is environmental racism and is Wilmington an example of it? Why or Why Not? https://youtu.be/TrbeuJRPM0oWhy do you think that command economies .3 ?constrain economic freedom
- 50 people travel from Mississauga to Toronto. The Go Train takes 20 minutes. The average time for a person to reach downtown when driving is t = 100 + 0.5q and it depends on the number of D drivers on the road. a. Give a labelled diagram to compare the non-cooperative solution to the cooperative solution. Label the efficiency loss. The Marginal Time of commuting t' = 100 + D is twice as steep with the same vertical intercepts as the average time of commuting t = 100 + 0.5D. b. What is the total time for all 50 people if they behave non - cooperatively? What is the total time if they behave cooperatively. c. Use your diagram to show how a highway toll (per unit tax) could be used to correct this efficiency loss.40:19 Resource pricing cannot be predicted. O determines people's incomes. O is monopolistically determined. O is used to reduce income inequality.In which of the following situations would ONLY state law apply? Full B O A state constitution was recently amended to allow the segregation of its public schools. O Agroup of protestors gather peacefully on state capitol grounds to protest abortion. O Jim and John Brown want to form the Two Brothers Cleaning and Janitorial Company, Inc, and do business in Maryland. O Sam and Samantha need to file bankruptcy to get their Coloraado medical debts released,
- Consider a small town with only three families, the Greene family, the Brown family, and the Black family. The town does not currently have any streetlights so it is very dark at night. The three families are considering putting in streetlights on Main Street and are trying to determine how many lights to install. The table below shows each family’s willingness to pay for each streetlight. Number ofStreetlights The Greene Family The Brown Family The Black Family 1 $340 $480 $420 2 260 380 400 3 160 260 340 4 40 130 240 5 0 50 100 6 0 0 20 Refer to Table 11-2. Suppose the cost to install each streetlight is $360 and the families have agreed to split the cost of installing the streetlights equally. If the residents choose to install the number of streetlights that will maximize total surplus from the streetlights, how much total surplus will the Greene family receive? a. -$80 b. $360 c. $320…Consider the diagram below. Legislation allows Angela, a farmer, to be at point F. Angela's reservation indifference curve, IC, Angela's best feasible 12- indifference curve when an independent farmer, ICO 8- D F FF: Angela and Bruno combined 16 24 Angela's hours of free time If Angela, a farmer, and Bruno, her landlord, can bargain costlessly: Select one or more: a. The final outcome will be unchanged. O b. The final outcome will be a Pareto improvement. O c. The final outcome could be anywhere on the "contract curve" of Pareto-efficient points between C and D. O d. The final outcome will be somewhere between (or at) points C and I. Bushels of grain6-2. What is the trade feedback effect?
- Suppose the government, as part of its fight against COVID, allows restaurants to open but requires customers to be socially distanced, reducing the number of tables and the maximum number of customers who can be served a. Give an example of a fixed cost associated with running a restaurant? b What costs would you expect to be part of the extra cost asSsociated with serving one more diner in the restaurant? c. How would you expect the social distancing policy to affect the marginal and average cost.of serving a meal? You might find drawing a diagram helpful. d. How would you expect the social distancing policy to affect the price charged fona restaurant meal? You might find drawing a diagram helpful. e What would you expect to be the effect of the sccial distancino policy on entry and extinthe restaurant sector? You might fino drawing.a diagram helpful.The figure below shows Angela and Bruno's feasible frontier, Angela's biological survival constraint, and her reservation indifference curve. The total amount of grain produced is 9 bushels if Angela works for 8 hours, and 10 bushels if she works for 11 hours. Angela's biological survival constraint Angela's reservation indifference curve 12 4.5 Feasible frontier Angela and Bruno combined 13 16 24 Angela's hours of free time 6. Technically feasible Economically feasible (joint surplus) 4.5 13 16 24 Angela's hours of free time From this information, we can conclude that: O Under Bruno's best voluntary exchange outcome, he can claim an economic rent of 5 out of the total surplus of 6. O Bruno can increase his share by 2 bushels if he could coerce Angela to work 11 hours, compared to under the voluntary exchange outcome. O Under voluntary exchange, Angela will choose not to work if she is offered 2 bushels of grain for 16 hours of free time. Bruno can devise a take-it-or-leave-it offer…Four firms called Elm, Maple, Oak, and Cherry, produce wooden chairs. However, they also produce a great dealof garbage (a mixture of glue, varnish, sandpaper, and wood scraps). The first row of Table 12.6 shows the totalamount of garbage (in tons) that each firm currently produces. The other rows of the table show the cost of reducinggarbage produced by the first five tons, the second five tons, and so on. First, calculate the cost of requiring each firmto reduce the weight of its garbage by one-fourth. Now, imagine that the government issues marketable permits forthe current level of garbage, but the permits will shrink the weight of allowable garbage for each firm by one-fourth.What will be the result of this alternative approach to reducing pollution?
