Say that you are a manager with the Transportation Security Administration (TSA). The table below shows fictional estimates of themarginal benefit and marginal cost of additional TSA security lines at Mahlon Sweet Field, the airport in Eugene, Oregon.Number ofMarginalIn this space, draw the graph of the marginaldata from the left columns.Answer these questions below using the datatable and graph.Benefit3.SecurityLines123456$10,0009,0007,0005,0004,0003,000MarginalCost$2,0003,0004,0005,0008,00012,000The surplus of the marginal benefit over costfor the second security line is $and $for the third security line. Ifyour goal is to maximize total surplus, youWILL / WILL NOT (circle one) operate a thirdsecurity line.The optimal number of TSA security lines isbecause this is where the marginalequals the marginalwhich maximizes total

The extra benefit which consumers receive by consuming an extra unit of a good is called marginal…

3. Number of Security Lines 1 2 3 4 Say that you are a manager with the Transportation Security Administration (TSA). The table below shows fictional estimates of the marginal benefit and marginal cost of additional TSA security lines at Mahlon Sweet Field, the airport in Eugene, Oregon. Answer these questions below using the data table and graph. 5 6 Marginal Benefit $10,000 9,000 7,000 5,000 4,000 3,000 Marginal Cost $2,000 3,000 4,000 5,000 8,000 12,000 In this space, draw the graph of the marginal data from the left columns. The surplus of the marginal benefit over cost for the second security line is $ and $ for the third security line. If your goal is to maximize total surplus, you WILL / WILL NOT (circle one) operate a third security line. The optimal number of TSA security lines is because this is where the marginal equals the marginal which maximizes total

3. Number of Security Lines 1 2 3 4 Say that you are a manager with the Transportation Security Administration (TSA). The table below shows fictional estimates of the marginal benefit and marginal cost of additional TSA security lines at Mahlon Sweet Field, the airport in Eugene, Oregon. Answer these questions below using the data table and graph. 5 6 Marginal Benefit $10,000 9,000 7,000 5,000 4,000 3,000 Marginal Cost $2,000 3,000 4,000 5,000 8,000 12,000 In this space, draw the graph of the marginal data from the left columns. The surplus of the marginal benefit over cost for the second security line is $ and $ for the third security line. If your goal is to maximize total surplus, you WILL / WILL NOT (circle one) operate a third security line. The optimal number of TSA security lines is because this is where the marginal equals the marginal which maximizes total

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A household is considering installing solar panels, but they need to understand what they are paying for electricity. They use an average of 15 kilowatt hours of electricity per day, and an average month is 30 days. They pay $0.22 per kilowatt hour for the first 350 kilowatt hours used in a month, and $0.19 per kilowatt hour after that (a) What is their average cost of electricity?(b)What is their marginal cost of electricity?
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1.Factory does not install scrubber, Farmer uses south field Crop Damage ($= 120 Farmer cost ($=0 Factory Cost($=0 Social cost =120 2. Factory does not install scrubber, Farmer rents west field Crop Damage ($) = 50 Farmer cost ($=20 Factory Cost($=0 Social cost =70 3.Factory installs scrubber, Farmer uses south field Crop Damage ($) = 35 Farmer cost ($=0 Factory Cost ($=40 Social cost =75 4.Factory installs scrubber, Farmer rents west field Crop Damage ($=0 Farmer cost ($)=20 Factory Cost($=40 Social cost = 60 Now the farmer has a right to pollution abatement, creating a legal duty for the factory to install the scrubber (no additional crop damages will be paid if the factory fulfills the duty to install the scrubber). What is the factory's willingness to pay to continue polluting without the scrubber? Why? Now the farmer has a right to pollution abatement, creating a legal duty for the factory to install the scrubber (no additional crop damages will be paid if the factory fulfills…
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1. Suppose Brazos County is considering preserving certain miles of Navasota River, but they have no clue how many miles of the river they should preserve. The county officials are seeking advice from a bright environmental economist. They contacted you for help. Suppose marginal benefit for preserving the river is given by P = 10 - ½ q and marginal costs are 2 + ½ q. You are asked to answer the following questions for the country office. Show the work. a) What is the net benefit of preserving six miles of the river? b) What is the benefit/cost ratio of preserving six miles of the river? c) How many miles of Navasota River should the Brazos County preserve? Why?
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