Principles of Economics (MindTap Course List)
8th Edition
ISBN: 9781305585126
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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- A) How will the voters vote for putting a statue in the towns common area using the following data? (1) Individual (2) Dollar benefits to individual (3) Tax levied on individual A $575 $300 B $275 $300 C $260 $300 D $250 $300 B) Explain using cost/benefit analysis if this is the best outcome for the town. C) Is majority rules voting actually best for society?arrow_forwardA. How will the voters vote for putting a statue in the towns common area using the following data? B. Explain using cost/benefit analysis if this is the best outcome for the town? individuals dollar benefits to individuals tax levied on individuals 1 $1525 $1000 2 $1315 $1000 3 $505 $1000 4 $845 $1000 5 $1150 $1000arrow_forward2. A) How will the voters vote for putting a statue in the towns common area using the following data? Dollar benefits Tax levied Individuals to individuals $1,525 $1,315 $505 on individuals $1,000 $1,000 $1,000 $1,000 $1,000 Milton Maria Jaime Maynard $845 Kenneth $1,150 B) Explain using cost/benefit analysis if this is the best outcome for the town. C) Is majority rules voting actually best for society? Use facts to support your answer.arrow_forward
- Suppose Walmart has announced plans to seek approval from the planning commission of a small town to build a new store. Develop alist of the main arguments, pro and con, that could be presented at a public hearing on the matter by members of each of these groups: 1. Owners of small businesses located nearby.2. Town residents, and residents of nearby towns. How might a Walmart representative respond to the negative criticisms that might be brought up, and what other benefits could the representative offer the planning board to bolster Walmart’s case for gaining the board’s approval?arrow_forwardded Answer the question on the basis of this table showing the marginal benefit that a particular public project will provide to each of the three members of a community. No vote trading is allowed. Voter Marginal Benefit Xavier Yoho Zest 1 If the tax cost of this proposed project is $600 per person, a majority vote will Multiple Choice $ 500 200 2,000 O defeat this project and resources will be underallocated to it. defeat this project and resources will be allocated efficiently. pass this project and resources will be overallocated to it. defeat this project and resources will be overallocated to it. SEP 5 ▶ -arrow_forward2. Suppose that there are 1,000 voters in your city. A total of 400 are willing to pay up to $25 each for the construction of a park, and the other 600 are willing to pay only $10. The construction of the park will cost $12,000. Someone proposes a vote on whether to tax each citizen $12 in order to finance the park. (a) What will be the result according to the median voter model? Is this result socially efficient? Explain. (b) What if instead of being willing to pay up to $25 each, the 400 residents were willing to pay up to $50 each?arrow_forward
- its already answered in this site so you can just just send me by copying it A) How will the voters vote for putting a statue in the towns common area using the following data? B) Explain using cost/benefit analysis if this is the best outcome for the town. C) Is majority rules voting actually best for society? Use facts to support your answerarrow_forward2.9. The following informal descriptions of voting methods do not represent social choice functions as we have defined them. Explain why not.(a) (Mini-quota) Any candidate with at least 25% of the votes is declareda winner.(b) (Approval voting) Every voter answers a yes-or-no question abouteach candidate: “Is she acceptable?” Whichever candidate is acceptable to the most voters is declared the winner.(c) (Copeland without ties) The winners of the Copeland method become our finalists. If there is more than one finalist, the tie is resolvedby drawing straws.(d) (Condorcet candidate) Pick the candidate who defeats each of theother candidates in a head-to-head electionarrow_forwardAnswer the question on the basis of the following table that shows the total costs and total benefit facing Stadium A B C D Total Cost $200 $220 $240 $260 Total Benefit $370 $395 $450 $470 a city of four different potential baseball stadiums of increasing size. All figures are in millions of dollars. OA OC OB OD Suppose a five-person city council must decide via majority voting which of these stadiums to build. Also, suppose that each of the stadium sizes has the support of one council member. Accor voter model, the council will ultimately vote in favor of the stadiumarrow_forward
- 1. What is the difference between private and social costs?2. How can the government intervene to force consumers to internalize external costs associated with: a. negative externalities? b. positive externalities?3. Differentiate between public good and common resources.4. What are the advantages of a flat tax system?arrow_forward21. An external cost can be calculated as the difference between Select one: a. the social cost of production and the social benefit of production. b. a producer's cost of production and the price at which the good is sold. c. the social cost of production and the private cost of production. d. the private cost of production and the social benefit of production.arrow_forwardNote:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forward
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