Consider a small town with only three families, the Johnson family, the Marshall family, and the Walker family. The town does not currently have any streetlights so it is very dark at night. The three families are considering putting in streetlights on Main Street and are trying to determine how many lights to install. The table below shows each family's willingness to pay for each streetlight. Number of The Johnson The Marshall The Walker Streetlights Family Family Family 1 $170 $240 $210 2 130 190 200 3 80 130 170 4 20 65 120 5 0 25 50 6 0 10 Refer to Table 11-2. Suppose the cost to install each streetlight is $180 and the families have agreed to split the cost of installing the streetlights equally. To maximize their own surplus, how many streetlights would the Johnson's like the town to install? O streetlights 1 streetlight 2 streetlights 3 streetlights
Q: How much will the money supply increase if excess reserves increase by $40 million and the reserve…
A: The money multiplier is a concept in economics that measures the maximum amount of commercial bank…
Q: Question 1: 1-6 B to Ibar (U)=5x,x2 A. Consider Toni's expenditure minimization problem: min…
A: A. The following are the first-order requirements for Toni's spending minimization problem: \[…
Q: A decrease in aggregate demand in the short run will reduce Multiple Choice O the price level and…
A: Short-term declines in aggregate demand cause real domestic output to decline, but they have no…
Q: What are Apple internal strenghts and weaknesses?
A: Approach to solving the question: First step: Examination of Apple's internal strengths Apple Inc.…
Q: Question 2 Part A: A new project is being considered. The initial cost of the project is $100,000.…
A: A Cash Flow Diagram (CFD) is a graphical representation of cash inflows and outflows over a certain…
Q: Explain socialist and mixed economic system.
A: FEEL FREE TO ASK FOR CLARIFICATIONS.
Q: Component Value ($bil) Component Value (Sbil) Consumption 680 Government outlays 300 Business Fixed…
A: a) Net Exports(X):Net exports = Exports - Imports = 120 (Sbil) - 140 (Sbil) = -20 Sbil Net…
Q: Question 4 Part B: You have decided to invest in a project to build and run a production line for a…
A: The initial cost is a one-time cost incurred in Year 0. Therefore, its present worth is simply the…
Q: The Solow model is an important formal model of economic growth. Assume that the production function…
A: The Solow model, also known as the Solow-Swan model, is a fundamental economic model used to analyze…
Q: The exchange rate between the United States and the United Kingdom is 1.25 dollars per pound. Which…
A: Calculating GDP for the United Kingdom in 2023 and 2024: In 2023, the total value of food and cars…
Q: Use the following figure to answer the next question. Price Level AS AD₂ AD₁ Y₁ Y₂ Real GDP Suppose…
A: **Introduction to Macroeconomic Equilibrium:**Macroeconomics is concerned with the behavior and…
Q: When plotted Sarah's indifference curve for coffee and tea reveals parallel indifference curves that…
A: Step 1: Step 2: Step 3: Step 4:
Q: How much will the money supply increase if excess reserves increase by $27 million and the reserve…
A: We can use the money multiplier formula to determine the increase in the money supply:Money…
Q: do fast and don't use chatgpt answer i will 5 upvotes.
A: The number of unemployed people divided by the total labor force and multiplied by 100 is how the…
Q: PLS HELP ASAP ON BOTH
A: 1. Long-term assets, which are often referred to as fixed assets, are resources that are held by a…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: Approach to solving the question:To determine the size of the shortage, we calculate the difference…
Q: Household time preferences increase (people become less patient). Which of the following graphs…
A: A stronger time preference means that people tend to spend more at present and save less. As people…
Q: Suppose the current economy requires $7 million for transactions. The table below shows the interest…
A: FEEL FREE TO ASK FOR CLARIFICATIONS
Q: PLS HELP ASAP ON BOTH
A: 1st Question:Customer service ends when the house is completed.TrueFalseThe statement is False.…
Q: Question 4 Part D: You have decided to invest in a project to build and run a production line for a…
A: The capitalized cost is the present value of all costs associated with a project that are expected…
Q: QUESTION 5 (a) What are some criticisms against the Keynesian model? How do post Keynesian models…
A: (b) A competitive general equilibrium is a situation in which all markets in an economy are in…
Q: =05 23 24 31 32 Ob many fri Oc one small m Od a few large s 39 40 48 Question 27 Price 2000T4051 $14…
A: Let's delve deeply into the explanation of both answers, ensuring clarity and providing thorough…
Q: Use the following figure to answer the next question. Price Level AS AD₂ AD₁ Y3 Real GDP Suppose the…
A: Let's delve into a detailed explanation using 5000 words to elucidate the concept of demand-pull…
Q: Urgent Q4 I dont know why i got them wrong
A: Approach to solving the question: Re-evaluate the problem. As much as possible, revisit the data…
Q: please help me with 5.
A:
Q: PLS HELP ASAP ON BOTH
A: 1. SMART is an acronym that stands for Specific, Measurable, Achievable, Relevant, and Time-bound.…
Q: Is it essential for businesspeople to watch political action affecting international trade??
A: Examples: Let's consider a specific example of how political action affecting international trade…
Q: (5) A consumer has the following utility function: U(x, y) = (x+2)(y+1), where x and y are…
A:
Q: What will happen if the productivity of labor increases? (a) The MFC will decrease as will…
A: Approach to solving the question:Determine which positions the company plays—monopolist in the goods…
Q: Last answer was incorrect.
A: (b)Each player has two information sets, two choices at each information set, hence four…
Q: i will 10 upvotes do fast .
A: A Pigovian tax is a tax imposed on any market activity that generates negative externalities (costs…
Q: PLS HELP ASAP ON BOTH
A: a. Construction supervision typically involves1. Ordering Materials and Supplies: It is the duty of…
Q: Suppose the government decides to decrease government expenditures as a means of cutting the…
A: Detailed explanation:Government expenditures refers to the spendings of government in the economy…
Q: 33 (a) Consider the rod-cutting problem discussed in lecture. Suppose we are given the following…
A: Approach to solving the question: To solve the rod-cutting problem and find the maximum revenue for…
Q: If the Federal Reserve increases the discount rate from 12 percent to 14 percent banks will borrow…
A: The discount rate is the interest rate charged by the Federal Reserve to commercial banks for loans.…
Q: $ Macmillan Learning The Wong family has a disposable income of $80,000 annually. Currently, the…
A: Annual disposable income = $80,000 Marginal propensity to consume (MPC) = 0.8 Autonomous consumption…
Q: Suppose that your demand schedule for pizza is as follows: Price Quantity of Pizzas Demanded…
A: The price elasticity of demand is calculated using the formula:ΔQ/QΔP/PWhere ΔQ is the change in…
Q: What is the dierence between nominal GDP growth and real GDP growth based in 2023 prices(a) 5.6% (b)…
A: A. To calculate the difference between nominal GDP growth and real GDP growth based on 2023 prices,…
Q: The BLS collects measures of unemployment. Multiple Choice four five six seven The BLS collects,…
A: The United States Bureau of Labor Statistics (BLS) gathers a variety of data to evaluate the…
Q: In a perfectly competitive resource market the Marginal Revenue Product Curve is
A: In economics, the Marginal Revenue Product (MRP) is the additional revenue a firm can generate by…
Q: QUESTION ONE Two firms are ordered by the Government to reduce their pollution levels. Firm A's…
A: To find the socially optimal level of pollution reduction for each firm, we need to equate the…
Q: The table below shows information for United Bank. Deposits Reserves Reserve Requirement $300…
A: Required Reserves: The Federal Reserve System requires banks to hold a certain percentage of their…
Q: Macmillan Leaming Monopolistic Competition, Oligopoly and Game Theory End of Chapter Problems…
A: This suggestion is consistent with oligopoly and monopolistic competition principles, as well as…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: Step 1: Identify the where the independent and dependent variable can be found on line graph (the…
Q: No chatgpt used i will give 5 upvotes typing please
A: Step 1:In second parallel path the capacitive load is having active power 1.2 KW and reactive power…
Q: Question 2 - Consider a consumer with utility function U = x1 + x2 12, where is the labor supplied,…
A: Step 1:a)The constraints faced by the consumer in the short run are: Budget constraint: The consumer…
Q: Consider the graph below that represents the demand curve for a good, the marginal revenue of a…
A: You've described a situation where a single firm has the opportunity to innovate, potentially…
Q: None
A: Option A is incorrect because scarcity is not exclusive to industrialized countries; it affects all…
Q: A possible explanation for a change in supply from S2 to S1 is (a) increase in the number…
A: The graph depicts two supply curves, S2 and S1. S1 represents a lower quantity supplied at each…
Q: PLS HELP ASAP ON BOTH
A: Yes,A recruitment plan should address potential shortages in key skill areas.It is absolutely…
Step by step
Solved in 2 steps
- Five roommates arc planning to spend the weekendin their dorm room watching movies, and they arcdebating how many movies to watch. Here is theirwillingness to pay:Quentin Spike Ridley Martin StevenFirst film $14 $10 $8 $4 $2Second film 12 8 4 2 0Third film 10 6 2 0 0Fourth film 6 2 0 0 0Filth film 2 0 0 0 0Buying a DVD costs SIS, which the roommates splitequally, so each pays $3 per movie.a. What is the efficient number of movies to watch(that is, the number that maximizes total surplus)?b. from the standpoint of each roommate, what isthe preferred number of movies?c. What is the preference of the median roommate?d. (f the roommates held a vote on the efficient out~come versus the median voter's preference, howwould each person vote? Which outcome wouldg~ a majority?c. lf one of the roommates proposed a differentnumber of movies, could his proposal beat thewinner from part (d) in a vote?f. Can majority rule be counted on to reach efficientoutcomes in the provision of public go<Xis?Consider a small town with only three families, the Greene family, the Brown family, and the Black family. The town does not currently have any streetlights so it is very dark at night. The three families are considering putting in streetlights on Main Street and are trying to determine how many lights to install. The table below shows each family’s willingness to pay for each streetlight. Number ofStreetlights The Greene Family The Brown Family The Black Family 1 $340 $480 $420 2 260 380 400 3 160 260 340 4 40 130 240 5 0 50 100 6 0 0 20 Refer to Table 11-2. Suppose the cost to install each streetlight is $360 and the families have agreed to split the cost of installing the streetlights equally. If the residents choose to install the number of streetlights that will maximize total surplus from the streetlights, how much total surplus will the Greene family receive? a. -$80 b. $360 c. $320…53. The Indiana University basketball team trails by twopoints with eight seconds to go and has the ball. Shouldit attempt a two-point shot or a three-point shot?Assume that the Indiana shot will end the game and thatno foul will occur on the shot. Assume that a three-pointshot has a 30% chance of success, and atwo-point shot has a 55% chance of success. Finally,assume that Indiana has a 55% chance of winning inovertime.
- Five roommates are planning to spend the weekendin their apartment watching movies, and they aredebating how many movies to watch. The tablebelow shows each roommate’s willingness to pay foreach of the movies:Ava Ridley Spike Kathryn QuentinFirst film $14 $10 $8 $4 $2Second film 12 8 4 2 0Third film 10 6 2 0 0Fourth film 6 2 0 0 0Fifth film 2 0 0 0 0A movie on their streaming service costs $15, which theroommates split equally, so each pays $3 per movie.a. What is the efficient number of movies to watch(that is, the number that maximizes total surplus)?b. For each roommate, what is the preferred numberof movies to watch?Hou are loohing a doctor a tailor, The farmer ond 30% of the at a Closed handymany the handymaa 0tput,while with a farmera and Use farmer's the doctor the tailor Use Snd 20'% of the farmerls output. The handymanthe famer, and the tailor uses 20O% of the handyman's atput, while the doctor uses 40 % the handyman's output, The tailr and the 30%% of the tailor's autput, while of the 20% of the doctor use the handyroan ond O tailor's output. The doctor doctor's output, the famer uses doctor's autpt nd the hardyman nd tailor exch farmer Use 20Yo uses. 30% of the Use 259% of the dortars OHOH. The doctors income/expense to this econimy is $54,000? Create a model or the econcmy- What is the handyman's income? what is the tailor's income? what is the farmerls Income?What is an externality?
- 4. Four roommates are planning to spend the weekend in their dorm suite watching old olent atsomos movies, and they are debating how many to watch. The table below contains their willingness to pay for each film. 1st film 2nd film 3rd film 4th film 5th film John $7 $6 $5 $4 $3 Paul $5 $4 $3 $2 $1 an rud bas Vedda nowoc 2102 gulden et 150 yebesnbew sho George $3 $2 $1 $0 $0 (nast il qalihe: 0 sx sig Ringo og $2 $1 $0 $0 $0 Taboog dikdug dan one dorld amasi obivond themsvog srl: asobydw 20607 1610A (b 2)99712 vdio (9 it sins 0.6 d. Is there any way to split the cost so that everyone benefits? What problems arise with this plan?Imagine a scenic canyon, visited by many local people as well as tourists from beyondthe local area. Consider a scenario in which a mining company has proposed to the localauthority that it be closed to the public and put into the production of coal. Thinking interms of economics as a way of adjudicating the relative value of one use of the canyon overthe other, what would you need to know in order to make a comparison or assessment?What kinds of quantitative data would inform your decision, and where might they comefrom? What kinds of things might you need to know that are hard to measure? Once youhave listed the kinds of information and data that might be available to inform this decision, do you think it would be sufficient to making this decision, why or why not?1. Farmers Jack and Joe have learned that their respective farms have been struck by an unusual virus. When Joe goes to the vet, he is told that if nothing is done 200 of his 800 animals will live. The alternative is an experimental drug, if used there is a 25% chance that all animals will live and a 75% chance that none will live. When Jack goes to the vet, he is told that if nothing is done 600 of his 800 animals will die. His vet also offers an experimental drug and explains that if used there is a 75% chance that all the animals will die and a 25% chance that none will die. Using the value function from Prospect Theory predict which action Joe and Jack will take. a) Both Joe and Jack will do nothing b) Both Joe and Jack opt for the experimental drug c) Joe will do nothing but Jack will opt for the experimental drug d) Joe will opt for the experimental drug but Jack will do nothing. Explain (please also explain how your prediction differs from the prediction of standard expected…
- View History Bookmarks Profiles Tab Window Help E Inform I The va 8 Com G Home M Docun E Info pup O Dashb E operat O McGra Lectur ructure.com/courses/169731/external_tools/retrieve?display=full_width&url=https%3A%2F%2Funcc.quiz-Iti-iad-prod. 1 point When Target charges $95 for a children's game, they sell 100 units. When they charge $84, they sell 120 units. If they were to give away the game for free, how many units (Q) would be demanded? (Answer is NOT infınity) Enter as a value. ROUND TO THE NEAREST WHOLE NUMBER. Type your answer. Previous informative paper.pdf Ch4-ProjectMg...pptx Ch7&8-Manufa.pptx 25 ttv 20 F9 DOO ES #3Four roommates are planning to spend the weekendin their dorm room watching old movies, and theyare debating how many to watch. Here is theirwillingness to pay for each film:Dwayne Javier Salman ChrisFirst film $7 $5 $3 $2Second film 6 4 2 1Third film 5 3 1 0Fourth film 4 2 0 0Fifth film 3 1 0 0a. Within the dorm room, is the showing of a moviea public good? Why or why not?b. If it costs $8 to stream a movie, how many moviesshould the roommates stream to maximize totalsurplus?c. If they choose the optimal number from part (b)and then split the cost of streaming the moviesequally, how much surplus does each personobtain from watching the movies?d. Is there any way to split the cost to ensure thateveryone benefits? What practical problems doesthis solution raise?e. Suppose they agree in advance to choose theefficient number and to split the cost of the moviesequally. When Dwayne is asked his willingness topay, will he have an incentive to tell the truth? Ifso, why? If not, what will he…4help plz