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The 55 mph speed limit was initially imposed as part of the Emergency Highway Conservation Act of 1973. This law has been amended in many states by raising the limit on certain highways.Research suggested at the time of passage that the reduced speed limit could be credited with saving 7,466 lives per year, reducing fuel use by 3.4 billion gallons of gasoline per year, and reducing injuries by 198,000 per year. The same researchers estimated that drivers spent 3,997 million additional hours on the highway each year as a result of the lower speed limit.At the time the speed limit was enacted, the price of gasoline was $0.53 per gallon, the average hourly wage rate was $7.50, and the average highway injury cost was $15,504.a. If the average life saved were valued at $2 million would a cost-benefit analysis conclude that the 55 mph speed limit was admissible in 1973? Why or why not?b. Many things have changed since 1973. Find current values and identify your source for each of the following: average price of gasoline, average hourly wage rate, average highway injury cost.c. Increased automobile safety features and fuel efficiency have roughly offset the increase in the number of vehicles since 1973 so assuming the figures found by researchers in paragraph 2 are still valid, what would a life have to be valued at to make the speed limit admissible today?d. Do you think the 55 mph speed limit should be reinstated? Why or why not?
Explain how if at all each of the following events effects the location of a country’s production possibilities curve
Assuming other things equal and capital and labor are fixed in quantity and using our aggregate production function and factor market diagrams, illustrate what happens to output, the real retal rate on capital, and the real wage of labor following..
Q = 70 – 3.5P – 0.6M + 4Pzwhere ˆQ is the estimated number of units of good X demanded, P is the price of the good, M is income, and Pz is the price of related good Z. (All parameter estimates are statistically significant at the 1 percent level.)
Assuming the revenue from a congestion tax is not redistributed to city residents, what effect would a congestion tax have on the residential bid rent curve? If the government reduced other taxes after instituting a congestion tax, how would the resu..
Explain briefly how each of the variables affects the value of an MLB franchise (i.e., use the variable definitions above to interpret, in words, the coefficient estimates with regard to each variable).
Assuming that sales of oil are normally distributed with a mean of 362,500 barrels and a standard deviation of 100,000 barrels, determine the probability that Offshore will incur an operating loss.
If the fast-food industry is monopolistically competitive, a profit-maximizing firm in this industry sells its product at a price:
How do you calculate the long run demand curve to this question? To conduct an experiment, AMC increased movie ticket prices from $ 9.00 to $ 10.00 and gauged the change in ticket sales. Using the data over the following month, they concluded that th..
Suppose Pz= $30. Determine the supply function and inverse supply function for good X. Graph the inverse supply function.
One year ago, you bought a bond for $10,000.00. You received interest of $400.00 at the end of the year, as well as your $10,000.00 principal calculate the real return.
more people start consuming mangoes because of its newly discovered health benefits. assume in this case that the
suppose that omars marginal utility for cup of coffee is constant at 2.5 utils per cup no matter how many cup he
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