not use ai 02 Question (2 points)e See section 3.4Airports are very noisy, and Freddy does not like extra noise. He does, however, like extra room in his living space, and he is looking for a newapartment. In economic terms, the noise from the airport is a bad, something people do not want. However, people may be willing to accept more of abad in exchange for more of a good. In Freddy's case, he is willing to tolerate living 1 mile closer to the airport for an extra 50 square feet in anapartment.く3rd attemptPart 1 (1 point)See HintLet xrepresent each mile closer to the airport from downtown, and let yrepresent square footage in apartments. Suppose that Freddyhas found a 400-square-foot apartment that is 2 miles closer to the airport than downtown. Use the point tool to plot this point andthen use the line tool to graph an indifference curve that shows Freddy's preferences for apartments closer to the airport withadditional square footage.

According to Freddy's trade-off, an additional 50 square feet would be added to an apartment for…

Answered: 02 Question (2 points) e See section…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter16: Information, Risk, And Insurance

Section: Chapter Questions

Problem 5RQ: What do economists (and used-car dealers) mean by a lemon?

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Question 26 Consider two ways to reduce pollution--establishment of taxes on the pollution or the sale of permits to polluters. Which of the following best describes the outcome? a Both methods can result in the same reduction of pollution, but the permits may achieve that goal with lower administrative costs. b Both methods can result in the same reduction of pollution, but the permits may achieve that goal with higher administrative costs. c The permits will allow more pollution, but both methods will have the same administrative costs. d Both methods can result in the same reduction of pollution and the same adminstrative costs.
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(J) Suppose the production process of a particular good creates a negative externality such as pollution. Other things being equal, would society be better off if this good were produced by a perfectly competitive market or by a monopoly? a. Society would be better off if this good were produced by a perfectly competitive market, because a perfectly competitive market responds to consumers' desires in the long run b. Society would be better off if this good were produced by a perfectly competitive market, because a perfectly competitive market will produce the quantity where Marginal Revenue equals Marginal Cost c. Society would be better off if this good were produced by a monopoly,
2. Answer all parts (a) - (g) of this question. James can afford to buy one of three cars: the Aleph, the Beth or the Gimel. He rates them on three criteria. On looks he rates the Aleph best, the Beth second best and the Gimel the worst. On road handling he rates the Beth the best, the Gimel second best and the Aleph worst. Finally, on safety he rates the Gimel the best, the Aleph second best and the Beth worst. He decides that he weakly prefers one car (say A) to another (say B) if and only if he prefers A to B on at least as many of these three criteria as he prefers B to A. He strongly prefers A to B if he weakly prefers A to B and doesn't weakly prefer B to A. Are the following statements true or false? Briefly justify your answers. (a) (b) (d) James strongly prefers Aleph to Beth. James weakly prefers Gimel to Beth. James weakly prefers Gimel to Aleph. James' preference relation satisfies completeness.
64. (This problem assumes knowledge of the basic rulesof baseball.) George Lindsey (1959) looked at boxscores of more than 1000 baseball games and foundthe expected number of runs scored in an inning foreach on-base and out situation to be as listed in the fileP09_64.xlsx. For example, if a team has a man on firstbase with one out, it scores 0.5 run on average untilthe end of the inning. You can assume throughout thisproblem that the team batting wants to maximize theexpected number of runs scored in the inning.a. Use this data to explain why, in most cases,bunting with a man on first base and no outs isa bad decision. In what situation might buntingwith a man on first base and no outs be a gooddecision?b. Assume there is a man on first base with one out.What probability of stealing second makes an attempted steal a good idea?
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Multiple choice question: Suppose a high-speed rail system is proposed that will save commuters from the suburbs a lot of valuable time. If the high-speed rail system is built, the value of homes in the suburbs will increase because of the easier commute. When estimating the potential benefits of the high-speed rail system: A. it is important not to double count benefits since the rise in home values is caused by the time savings. B. it is important to count both the rise in home values and the value of time saved by commuters. C. neither the rise in home values nor the value of time saved by commuters is considered a benefit of investing in the high-speed rail system. D. the increased value of suburban homes is considered a cost rather than a benefit.
（Emergency)please,help to answer the (d)&(e),thanks
3. A local drama company proposes a new neighbourhood theatre in Vancouver. Before approving the building permit, the city planner completes a study of the theatre's impact on the surrounding community. a. One finding of the study is that theatres attract traffic, which adversely affects the community. The city planner estimates that the cost to the community from the extra traffic is $5 per ticket. What kind of an externality is this? Why? (2 marks) b. Graph the market for theatre tickets, labelling the demand curve, the social- value curve, the supply curve, the social-cost curve, the market equilibrium level of output, and the efficient level of output. Also show the per-unit amount of the externality. (4 marks) c. On further review, the city planner uncovers a second externality. Rehearsals for the plays tend to run until late at night, with actors, stagehands, and other theatre members coming and going at various hours. The planner has found that the increased foot traffic…

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