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Question: The town of Lookout Mountain, Georgia, had become a desirable place to live, and property owners were subdividing some of their land within the city limits in order to build new homes. However, after some people complained about all of the new houses, the town's city council passed an ordinance requiring new homes to be built on at least one acre of land. (Before the ordinance, builders were constructing new houses on as little as a quarter acre of land.) Assuming ceteris paribus (and, unless told otherwise, we ALWAYS assume ceteris paribus), explain the effect this new ordinance will have on the following things:
A. The per-acre price of land located in Lookout Mountain, Georgia. Why?
B. The per-acre price of land located just outside the Lookout Mountain city limits. Why?
C. The post-ordinance price of new houses in Lookout Mountain relative to housing prices before the new ordinance was passed. Why?
D. Property tax revenues in Lookout Mountain after the ordinance was passed relative to what they would have been had there been no such ordinance. Why?
A produces more capital goods and fewer consumer goods than Economy B. Which economy will grow more rapidly? Draw two production possibilities curves, one for Economy A and one for Economy B. Demonstrate graphically how one economy can grow more r..
1. (TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (15 points) and (2) provide an example of the closing of an expense account, Supplies Expense in the form of a journal entry..
Zar Island Gas Company is the sole producer of natural gas in the remote island country of Zar. The company's operations are regulated by the State Energy commission. The demand function for gas in Zar has been estimated as: P=1,000 - .2Q where Q is ..
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define and discuss value engineering. what are two likely benefits of early supplier and early supply management
Find profit-maximizing output and the amount of the factor that the firm demands - find also the maximum profits. (Hint: the marginal product of the factor is 4x-1/2.)
Should higher education be classified as a natural monopoly in these European countries? Explain and justify your answer and use appropriate examples to support your conclusions.
Assuming that the farmer's objective is to maximize total profits, what is the LP model for this problem? Solve this problem using the simplex method.
The case study is related to a debate between the Ministry of Health and the Ministry of Education to establish a number of health centers and a number of training institutes respectively with limited and available resources.
Ajax, Inc. has appointed you to examine the demand for its line of telecommunications devices in 35 different market areas.
As the lawyer reads the will, you discover that you only get the money if you get married, have children, stay with your spouse and raise your children.
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