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Although 23 states barred the self-service sale of gasoline in 1968, most removed the bans by the mid- 1970s. By 1992, self-service outlets sold nearly 80% of all U.S. gas, and only New Jersey and Oregon continued to ban self-service sales. Using predicted values for self-service sales for New Jersey and Oregon, Johnson and Romeo (2000) estimate that the ban in those two states raised the price by approximately 3¢ to 5¢ per gallon. Why did the ban affect the price? Illustrate using a figure and explain. Show the welfare effects in your figure. Use a table to show who gains or loses.
Consider a cellular system with diamond-shaped cells of radius R = 100 m. Suppose the minimum distance between cell centers using the same frequency must be D = 600 m to maintain the required SIR.
Suppose that, in addition to a higher price, the government imposes a ration on George that limits his purchase of gasoline to less than some amount within his affordable set. Draw the new effective budget constraint.
Discuss the adequacy of the attorney's response in each of the four cases What procedures should Ogier take in response to each letter?
If the city wishes to raise as much revenue as possible from the tolls, where will the city decide to charge a toll: in the inelastic portion of the demand curve, the elastic portion of the demand curve, or the unit elastic portion? Explain.
As the level of output increases, what happens to the difference between the value of average total cost and average variable cost? Decreases because average fixed cost decreases as output increases.
For the concrete mixture in part (a), calculate the temperature of concrete, assuming that the cement and the aggregate are at 5°C and the water has been heated to 65°C.
The constant per unit price of M is $30; the constant per unit price of T is $20; and Bharat has $300 to spend on these activities. If the price of M rises to $35, what is the appropriate compensating variation.
Show how other variables (output, consumption, the real interest rate) behave along the transition path. Explain the patterns of these variables.
Suppose that an individual consumes three goods -- food, clothing, automobiles. Denote the quantities of these goods consumed by X, Y, and Z respectively. Suppose the individual utility function is given by U = 5 ln x + 4 ln y = ln (1+z)
A consumer of two goods faces positive prices for both goods and has positive income. Her preferences over consumption of good 1 and good 2 are represented by the following utility function: u(x1; x2) = min {2x1 + x2; x1 + 2x2}
Julia can fix a meal in 1 hour, and her opportunity cost of one hour is $50. Jacque can fix the same kind of meal in 2 hours, and his opportunity cost of one hour is $20. Will both Julia and Jacque be better off if she pays him $45 per meal to fix..
As a manager if a chain of movie theaters that are monopolies in their respective markets, you have noticed much higher demand on weekends than during the week. You therefore conducted a study that has revealed two different demand curves
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