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Question: In Virginia, there exist tolled traffic lanes for cars whose drivers are willing to pay a toll based upon supply and demand. During certain peak load traffic periods, the tolls on these lanes may exceed $30 (as opposed to a zero price for the more crowded lanes nearby where there are no tolls). Use economic analysis to predict/explain which drivers will choose to pay the tolls.
Illustrate using a figure and explain. Show the welfare effects in your figure. Use a table to show who gains or loses.
Today's mainstream economists speak of "rational economic man" as the fundamental character of people, immutable across time and space, and the foundation of economic activity. Key characteristics of "rational economic man" are atomism, egoism, a..
The ABC Company deposited $100 000 in a bank account on June 15 and withdrew a total of $115 000 exactly one year later. Compute: (a) the interest which the ABC Company received from the $100 000 investment, and (b) the annual interest rate which ..
Two firms can control emissions at the following marginal costs: MC1 = 200q1, MC2 = 100q2, where q1 and q2 are the amount of emissions reduced by the first and second firm. Assume with no control each firm would emit 20 units or a total of 40 unit..
(Labor Productivity)What two kinds of changes in the capital stock can improve labor productivity? How can each type be illustrated with a per-worker production function? What determines the slope of the per-worker production function?
calculating income elasticity of demand
Somebody invents a small machine that electrostatically is able to remove dust from rooms very quickly. What does this do to the marginal cost curve depicted in question 6?
Based on the transition matrix for ECB, which positions are experiencing a labor surplus or a labor shortage?
(a) How many people participate in the study (b) Calculate the Relative Frequency and enter the results in the above table. (c) Calculate the Midpoint for each class and enter the results in the above table. (d) Calculate the Cumulative Frequency and..
An economist is interested in how the price of a certain commodity affects its sales. Suppose that at a price of $p, a quantity q of the commodity is sold. If q = f(p), explain in economic terms the meaning of the statements f(10) = 240,000 and f'..
Describe transaction-level consistency. What disadvantage can exist with it?
A firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is $80, and the price of the firm's output is $25. The cot of other variable inputs is $400,000 per day. Assume that total fixed cost equals..
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