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A new publicly financed tunnel under the Brisbane River is expected to reduce the cost of auto travel between two suburbs on either side of the river. The local government is considering the introduction of a $3 tunnel toll. The cost reduction to motorists consists of a reduction in travel time, auto depreciation and petrol expenses totalling $7.00 per trip. Before the tunnel was built there were 3 million trips per year between the two areas. Once the tunnel is in operation it is estimated that there will be 5.5 million trips per year between the two areas.
(i) In terms of areas under the demand curve based on the information given, what is the estimated annual benefit of the tunnel:
(ii) List two other costs and/or benefits that should be included in a CBA of the tunnel project?
(iii) In 2 to 3 lines explain why the 'before vs. after' assumption in this case could give a misleading estimate of the project's benefits.
The production function Q = 0.25X0.5 Y0.5 exhibits: a. constant returns to scale. b. increasing returns to scale. c. increasing and then diminishing returns to scale. d. diminishing returns to scale. 11. When PX = $60, MPX = 2 and MPY = 2, relative e..
The first principle of economics discussed in Chapter 1 is that people face trade-offs. Use a production possibilities frontier to illustrate society’s trade-off between two “goods”—a clean environment and the quantity of industrial output. What do y..
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Consider a shrimp restaurant at Fisherman’s Wharf in San Fransisco. The chef at the restaurant chooses whether to use farm-raised or wild-caught shrimp to produce the main dish – shrimp balls. Suppose the rent for the restaurant is $2,500. What is th..
Illustrate the solution graphically using Labor Supply / Labor Demand and Production Function diagrams.
Policy related to the government expenditure and taxes is called---- and the policy related to money supply and interest is called---- whose recent attempt is mainly focused for----
Assume that the government initiates an economic stimulus package to help the sluggish U.S. economy. Further assume that, among other things, this package includes a one-time payment of $500 to retirees and Social Security recipients. State reason(s)..
Suppose that Michelle buys a cappuccino from Paul\'s Cafe and Bakery for $6.25. Michelle was willing to pay up to $8.75 for the cappuccino and Paul\'s Cafe and Bakery was willing to accept $2.25 for the cappuccino. Producer surplus is the difference ..
Suppose Merck is developing new drugs that have positive externalities; the positive externality is a pharmaceutical technology we all benefit from. Let the supply curve for Merck’s production be P =Q/4, where Q is the number of units of drugs they’v..
Intermediate good is a good. produced in a previous year the GDP does not include intermediate goods even if they are sold during the current year. produced in a previous year the GDP includes intermediate goods only if they are sold during the curre..
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