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Willingness to pay:
first bottle-$5
second bottle-$4
third bottle-$3
fourth bottle-$2
fifth bottle-$1
part A asks how many each person will consume and for consumer surplus if the cost of each bottle is 1.50. The answer is four bottles with a consumer surplus of $8.
part B says "producing Zlurp creates pollution. Each bottle has an external cost of $1. Taking this additional cost into account, what is the total surplus per person in the allocation described in part A?"
Indias GDP per sapita is $3,000 and lets say that real output per person there grows at 5 perccent per year. Using the rule of 70, how many years will it take for india to reach italys current level of GDP per capita, about $24,000 per year
A researcher has developed the following regression equation to predict the prices of luxurious Oceanside condominium units, Picture , where Price = the price of a unit (in $thousands), Size = the square footage (in square feet), View = a dummy varia..
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Consider the following data. Currency $400 billion Bank reserves $500 billion (a) If banks are holding $80 billion in required reserves, and the required reserve ratio = 0.10, what is the value of checkable deposits
A recent internal study revealed that this client's demand for your software is Q^d = 100 - 0.1P and that it would cost you $500 per unit to install and maintain software at this client's site. the profit that results from charging this client a si..
Let's consider the effects of inflation in an economy composed of only two people: Bob, a bean farmer, and Rita, a rice farmer. Bob and Rita always consume equal amounts of rice and beans. In 2010, the price of beans was $1, and the price of rice w..
A. Calculate the 1998-2008 growth rate in sales using the constant rate of change model with annual compounding.B. Forecast sales for the years 2011 and 2013. The following table shows annual sales data for Stuff Happens.
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