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Consider a simplified version of the model of the public agency captured in eg. (11.2) Suppose inverse demand for Q is given by D(Q)= 10-Q. Suppose the price of labor (w) is 1 and production of Q is in direct proportion to the amount of labor used: Q=L.
a. Write an expresion for the budget (consumer surplus) as a function of Q.
b. In a plot of Q versus P, plot the budget constraint and sketch indifference curves for the agency head.
c. On the same figure, sketch the objective function for profit maximizing monopolist.
d. How do the results differ in terms of choice of Q between the profit maximizing monopolist and the public agency?
e. For a given Q, how would the choice of l differ between a profit maximizing monopolists and the public agency?
Illustrate what assumptions is the theory based, and how plausible are these assumptions.
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After 17 vehicular accidents two years ago in a given intersection, the mayor of Boulder proposed to reduce the number of crashes by making improvements at the intersection.
The marginal external expenses associated with air pollution increases with the yearly output of a polluting industry.
Then list one good reason to allow tire imports and one good reason to restrict tire imports. Give a short explanation for each reason.
1. What are the basic concerns with software testing? 2. Why is a specification needed in order to do testing? 3. Why is path testing usually impractical?
Illustrate the process of bringing a new international bond issue to market. What should a borrower consider before issuing dual-currency bonds. What should an investor consider before investing in dual-currency bonds.
How do you remember order of operations? If you use a calculator for computation, is order of operations still important? Why or why not? What are some of the possible outcomes when order of operations is ignored?
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