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A developer owns a piece of beachfront land that she intends to develop for residential use. The private returns to the developer are as follows: Return if developed: $50,000 Return if undeveloped: $10,000 Suppose that three nearby residents would sustain damages from beach erosion if the land is developed. Their damages would be as follows: Resident 1: $20,000 Resident 2: $15,000 Resident 3: $10,000 a.) Is it efficient for the land to be developed? b.) Suppose that the developer has property rule protection of her right to develop. If bargaining costs between the developer and the residents are zero, describe the likely outcome. c.) How does your answer to part (b) change if it costs the three residents a total of $10,000 to organize and act collectively? d.) How can the government use its regulatory authority to overcome the problem of high bargaining costs? e.) What amount of compensation should the developer receive if she is prohibited from developing the land and if the development ban is construed to be a taking?
Which two of the text's possible explanations for increasing wage and salary inequality seem least consistent with the following fact The distribution of earnings has become more unequal within industries (Both goods and service industries) and wi..
write the productivity factors which may describe the differences in pay between men and women in similar occupations.
suppose that the u.s and japan are two ricardian economies. both countries can produce only two goods automobiles and
characteristics of the job market and employment placement include all the following except (points 5) its very stable unbalanced supply and demand career portals on corporate websites reduce recruitment cost the job market has essentially moved o..
Can you tell which adviser was a better selector of individual stocks (aside from the issue of general movements in the market)? If the T-bill rate were 6% and the market return during the period were 14% which adviser would be the superior stock..
Suppose that consumption depends on the level of real money balances (on the grounds that real money balances are part of wealth). Show that if real money balances depend on the nominal interest rate, then an increase in the rate of money growth a..
The Future 2055 The U.S. economy is at full employment. President North West is spending billions of dollars on military equipment in the U.S. He is also attempting to carry out his promise to put a man on Mars by the end of the decade. He is cons..
Customers to Live Theaters, Inc. can be divided into two groups: seniors and everyone else. The inverse demand curves for each of the two groups are given below. The marginal cost (which equals the average variable cost) of serving an additional p..
The production possibilities frontier can be used to demonstrate which of the following?If Lindenderry is at point U, producing 1300 tons of corn and 34 million automobiles, what is the opportunity cost of an additional 11 million automobiles?
what is the highest possible price per unit that could exist as the market price in long-run equilibrium and If that price ends up being the market price and if the normal rate of profit is 10 percent, then how big will each firm's accounting profit..
Explain, using diagrams, why a monopoly can potentially earn super-normal profit in both the short run and the long run, while perfectly competitive firms can only earn normal profit in the long run.
assume the demand curve faced by a monopolist is given by the following tableprice demand total revenue marginal
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