Willingness to pay, Microeconomics

Assignment Help:

Suppose one were asked to recommend a price for the output of a proposed downtown parking garage, so that the project would have as large a Net Present Value as possible.  In this case, the optimal parking price or rate is the one for which the last person's willingness to pay for parking will exactly equal that person's marginal cost of parking, including the opportunity cost of that person's time.

Required:

Describe Willingness to Pay?


Related Discussions:- Willingness to pay

Returns to scale, Returns to Scale Measuring relationship between scale...

Returns to Scale Measuring relationship between scale (size) of a firm and output 1. Increasing returns to scale: output more than doubles when all the inputs are doubled

Proposal, #quesSuppose that two anti-marijuana proposals are currently bein...

#quesSuppose that two anti-marijuana proposals are currently being debated in Congress. Proposal I will reduce the supply of marijuana and cause its price to rise by 7%. Proposal I

Marginal utility theory, discuss whether marginal utility is a realistic pi...

discuss whether marginal utility is a realistic piece of economy analysis in a consumer demand

Homework, Which of the following has not occurred over time in the past sev...

Which of the following has not occurred over time in the past several decades in the physician services market? A. The level of competition has increased. B. Economies of scale ha

The market supply of labour, graphical illustration describing the influenc...

graphical illustration describing the influence of an increase in immigrants on the market supply of labour

Labor deman, Discuss two factors that would increase demand for labortion.....

Discuss two factors that would increase demand for labortion..

PED, what do we mean by The narrowness of definition of the commodity.

what do we mean by The narrowness of definition of the commodity.

Find all the equilibrium, The "Battle of Sexes" is a famous game. The story...

The "Battle of Sexes" is a famous game. The story is that a couple tries to decide what to do on a Friday evening. The girl prefers to go to an Opera and the guy prefers to go to t

Elasticity of demand, elasticity of demand of a product in different market...

elasticity of demand of a product in different market forms such as perfect competition, monoply etc.

Economies of scope, Economies of Scope The ability of a organizati...

Economies of Scope The ability of a organization to decrease its unit costs by producing two or more products or services that involve complementary skills, experience and

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd