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A train passing a farmer's property emits sparks that sometimes set fire to the farmer's crops. The crop damage can be reduced, however, if the railroad installs spark arresters on its trains, if the farmer moves his crops, or both. The following table summarizes the cost of the various possible actions, and the crop damage (if any):
(a) Which action yields the socially optimal outcome?
(b) What action will result under a rule of no liability? (Assume here and in subsequent questions that bargaining costs between the RR and farmer are high.)
(c) What action will result under a rule of strict liability?
(d) What action will result under a negligence rule where the due standard of care for the RR is to install arresters?
a) Use exponential smoothing with a smoothing constant of .6 to produce forecasts from the data. Use 2500 as your forecast of demand for week 2. b) Use exponential smoothing with a smoothing constant of .3 to produce forecasts from the data. Use ..
Abc Inc. sells bike tires for $25. It's sales have averaged 8,000 units per month. Recently its closes competitor Efg Inc. reduced their price for bike tires form $35 to $30. A result Abc's sales declined by 1.500 units per month.A. what is the ar..
in order to ingratiate himself with voters the mayor of gotham city decides to lower the price of taxi rides. assume
assuming product price is $32. With $32 in place of $56, its costs us $52.50 and we sell it for $30. This does not produce in the short run. The loss-minimizing outcome would be a loss of $22.50. The economic loss would be if you take the loss of ..
Pick one of the variables that are significant at a 5% error level and explain what the slope estimate means (explain it in a way that someone outside the class would understand, and use the numerical value of the estimate in your answer.)
What is the maximum amount the firm could afford to spend on lobbying with the objective of maintaining the monopoly position?
Let us imagine you are a consultant who has just been hired by a small business owner as an industry specialist. For this discussion you will identify one specific small business that you own, know the owner well or frequent as a customer.
A 12.75-year maturity zero-coupon bond selling at a yield to maturity of 8% (effective annual yield) has convexity of 150.3 and modified duration of 11.81 years. A 30-year maturity 6% coupon bond making annual coupon payments
Catalytic converters are required on all new cars to reduce tailpipe emissions. Explain how this technology could have a beneficial impact in the short run but a less beneficial impact in the long run.
Suppose a firm compensates its CEO according to I = 250,000 + 0.0317 X + 0.01 Y, where I = total compensation of the CEO, X = company profits (in millions), and Y = Sales (in millions). Assume that X = $10 (millions), and Y = $20 (millions).
If she expects to live for seven more years after retiring, and wants her consumption to remain the same (in real terms) every year from now on, how much can she consume this year?
On schematics, you will frequently see a 1000 resistor listed as 1.0 k Ω. What does this imply about the value of the resistor?
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