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Show (graphically) how congestion effects might affect the socially efficient rate of visitation to a protected area, swimming pool, trail, or beach, for example. Discuss at least two policy tools available to achieve the economically optimal rate of visitation in the face of congestion effects. Please illustrate this discussion through the lens of the Monarch Butterfly Biosphere Reserve in Michoacan, Mexico.
The water fountains in Learned Hall are costing $1200 a year to maintain. How much money can you justify spending NOW for new fountains and plumbing (materials and labor combined) if no maintenance will be needed for the first 3 years, $200 a year fo..
Elucidate how formal organizations have evolved over the past century. What differences were there in organizations a century ago, compared to today's organizations.
In December 1992, the government began requiring that food contain labels with nutritional information. The information had to be verified by independent laboratories. The price of verification was $20,000 per food item. What impact would this have o..
Suppose that supply is upward sloping and demand is downward sloping. If there is a decrease in demand, total surplus:
What are the ethical questions raised by cloning? Is there any moral difference between applying genetic engineering technologies to humans and applying them to animals and plants? What role should governments play in making policies regarding ethica..
Explain the pros and cons of introducing an urban growth boundary. In your answer be sure to make clear the objective of such a boundary and its likely ramifications. Do you support the introduction of such a boundary in the Chicago urbanized area? D..
Suppose market demand and supply are given by Qd=100-2P and Qs=5+3p. If a price floor of $30 is set, what will be size of the resulting surplus?
What role did the government play in creating the financial crisis? What role did Fannie Mae and Freddie Mac play in the financial crisis? Could this have been prevented? How? How the government have responded to the crisis both in monetary policies ..
American rice producers have extremely high production costs, due to some structural problems. Therefore, if not supported by the government, they will not be able to compete with foreign producers. Analyze two supportive policies intended to maintai..
A $50,000 municipal bond has an interest rate of 6% per year, compounded semiannually. The bond will mature in 10 years. If the market interest rate is 8% per year compounded semiannually, a person purchasing the bond should be willing to pay: Two mu..
An executive-search firm has shown that job search time and higher salaries are directly correlated. They have shown that for every $10,000 of additional compensation the search will take an additional month. Is a month spent in searching rather than..
Economists observed the only five residents of a very small economy and estimated each one's consumer spending at various levels of current disposable income. The accompanying table shows each resident's consumer spending at three income levels. what..
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