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A road can be paved with either asphalt or concrete. Concrete costs $15,000/km and lasts 20 years. Assume the annual maintenance costs are $500 for concrete and $800 for asphalt per kilometer per year. Use an interest rate of 8% per year. Contributed by D. P. Loucks, Cornell University
(a) What is the maximum that should be spent for asphalt if it lasts only 10 years?
(b) Assume the asphalt road costs $7000 per kilometer. How long must it last to be the preferred alternative?
Suppose you are studying the recent rise in shale energy. You know the inverse demand function for shale energy is P = 100 - Qd. The supply of shale energy is P = Qs. However, shale energy can potentially lead to pollution. The marginal social cost c..
Suppose market demand and supply are given by Qd=100-2P and Qs=5+3p. If a price floor of $30 is set, what will be size of the resulting surplus?
Consider the following for an example of a some what perfectly competitive market: Can you think of any products that are not differentiated? In other words, are there any products that you buy where brand does not matter? Can you think of any indust..
Compare and contrast the following exchange rate systems:
What are price floors and price ceilings? How could a business maintain its level of profitability if forced to accept price ceilings? Use a business in your response. For example, a coffee shop could ... Please do not use a coffee shop in your examp..
Cost-push inflation can be called
Assuming diminishing marginal product of additional workers and diminishing marginal product of additional hours-per-worker, how would a profit-maximizing firm adjust its mix of workers and hours-per-worker in response to [ceteris paribus]: (a) A new..
During the recession of 2008–2009, many workers who lost their jobs were unable to afford to move to a new job in a new city and pay rent or buy another home because they could not sell the home they were in that still had mortgages. This was because..
A contractionary monetary policy is appropriate during a recession. A rise in interest rates due to a decrease in the money supply will _____ aggregate demand.
Calculate the optimal money growth rate needed for the Fed to hit its inflation target in the long run.
Foreign exchange markets make it possible for trade to be enacted between countries without lengthy negotiations on trade terms. The exchange rate mechanism is a relatively stable process whereby different currencies can be exchanged in an orderly ma..
Which one may under present quality. Describe concepts of prospective also retrospective payment for services.
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