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XSU is located in the middle of a residential neighborhood. The residents of the surrounding 4 blocks notice that street parking is a problem while classes are in session (i.e. Monday through Friday 8am to 4PM, mid August through mid-May except for breaks) or during special events (athletic contests, etc….). Students and staff can be viewed driving around looking for parking spaces, even though there are spaces available in some of the parking lots on the edge of campus. Residents complain that the extra traffic leads to more small accidents, and that their visitors (personal or service related) cannot park near their intended visit sites. Students and staff complain that there are not enough parking spaces. A task force is constituted, and comes up with the following recommendation – either XSU builds sufficient parking spaces or the city institute a permit parking system. If XSU builds more parking lots, the construction and maintenance would have to come from parking fees. The recommended parking permit system that requires permits for street parking within the 4 block radius. There would be set number of permits with each household getting one permit, and the rest to be sold to anyone who wishes to buy them. The revenue from the permit sales would be used to fund a parking officer who would enforce the permit system where any violator’s vehicle is towed and assessed a fine of $2,000 plus towing. 1. Explain whether there is a shortage or a surplus of parking spaces in XSU lots.. 2. Explain whether there is a short or a surplus of parking spaces on the street 3. Is parking an externality? Explain. 4. Explain under what conditions (if any) the building of additional parking lots will solve the problem. 5. Explain under what conditions (if any) will the permit system solve the problem. 6. What are the likely effects of either recommendation on the neighborhoods more than 4 blocks away ?
Explain the main channels through which the Fed can influence economic activity. Which theory has provided a better model, Classical or Keynesian, when it comes to prediciting how money affects the macro economy? Explain
The World of Videos operates a retail store that rents movie videos. For each of the last 10 years, World of Videos has consistently earned profits exceeding $38,000 per year. The store is located on prime real estate in a college town. World of Vide..
How do these things affect the U.S market of foreign-currency exchange and on net capital outflow (NCO): A tax reform that imposes higher capital gains tax to Americans involved in offshore banking?
Suppose that a small town has seven burger shops whose respective shares of the local hamburger market are (as percentages of all hamburgers sold): 26%, 25%, 20%, 12%, 9%, 5%, and 3%. What is the four-firm concentration ratio of the hamburger industr..
According to the RBA website, the current inflation rate is 1.5%. The RBA normally aims for inflation to be between 2 and 3 per cent. Since inflation is below 2%, and in reference to the media release by Glenn Stevens, why didn’t the RBA reduce the c..
Draw the production possibility frontiers for the 2 countries. Draw the world relative supply curve for manufactures.
Gatekeeper models of MCOs require patients to see a primary care doctor before going to see a specialist. What two key economic principles would be involved in a successful gatekeeper program?
Suppose you purchase a 30-year, zero-coupon bond with a yield to maturity of 6%. You hold the bond for five years before selling it. a. If the bond's yield to maturity is 6% when you sell it, what is the internal rate of return of your investment?
An increase in the rent of two bedroom apartments in Austin is likely to:
Elucidate what other evidence could a manager look for to infer whether a market is in equilibrium. What are possible causes of the shortage.
An owner can lease her building for $120,000 per year for three years. The explicit cost of maintaining the building is $40,000, and the implicit cost is $55,000. All revenues are received, and costs borne, at the end of each year. If the interest ra..
It has been estimated that private prisons are about 10 percent cheaper, on a every prisoner basis, than public prisons.
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