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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.
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Describe Willingness to Pay?
Problems Using Point Elasticity - We may need to compute price elasticity over portion of demand curve instead of at a single point. - The price and quantity used as base wi
discuss how economic theory of marginal utility explains the optimum pattern of consumption for an individual consumer
elasticity of demand
Determinants of Social Demand for Education - Equity Perfect equality is not observed in any society. Hierarchy in status, standards of living, capacities for effective demand
marginal conditions of pareto efficeincy
Question Suppose you work for the state government of California. Due to the heavy traffic jam on I-880, the state has decided to decide to construct a new highway. To fund a p
Allocative Efficiency The production of products and services such that stages of production are closely tied to levels of customer demand.
thoery explanation
Distributive Bargaining An approach to negotiation that finds to divide up a fixed amount of resources.
if the inverse demand curve is p=120-Qand the marginal cost is const ant at 10 ,
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