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A city needs to increase its rubbish disposal facilities. There is a choice of two rubbish disposal areas, as follows. Area A: A gravel pit with a capacity of 16 million cubic meters. Owing to the possibility of high groundwater, however, the Regional Water Pollution Control Board has restricted the lower 2 million cubic meters of fill to inert material only (earth, concrete, asphalt, paving, brick, etc.). The inert material, principally clean earth, must be purchased and hauled to this area for the bottom fill. Area B: Capacity is 14 million cubic meters. The entire capacity may be used for general rubbish disposal. This area will require an average increase in a round-trip haul of 5 miles for 60% of the city, a decreased haul of 2 miles for 20% of the city. For the remaining 20% of the city, the haul is the same distance as for Area A. Assume the following conditions:
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
The Australian government administers two programs that affect the market for cigarettes
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The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
Depict the von Neumann-Morgenstern utility index u in a diagram
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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