A village has five residents, each of whom has accumulated savings of $100. Each villager can use the money to buy a government bond that pays 12% interest per year or to buy a year-old goat, send it onto the commons to graze, and sell it after one year. The price of the goat that the villager will get at the end of the year depends on the amount of weight it gains while grazing on the commons, which in turn depends on the number of goats sent onto the commons, as shown in table below. information is Number of goats Price per 2-year old goat Income per goat 1 130 30 2 125 25 3 120 20 4 115 15 5 105 5 Refer to the table above in Q10. Suppose a village elder decides the total number of goats and bonds with the goal of maximizing total village income. The village income will be ___. Answer: 586
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- E2A village has six residents, each of whom has accumulated savings of $100. Each villager can use this money either to buy a government bond that pays 14 percent interest per year or to buy a year-old llama, send it onto the commons to graze, and sell it after 1 year. The price the villager gets for the 2-year-old llama depends on the quality of the fleece it grows while grazing on the commons. That in turn depends on the animal’s access to grazing, which depends on the number of llamas sent to the commons, as shown in the following table: Number of llamas on the commons Price per 2-year-old llama ($) 1 125 2 119 3 116 4 113 5 111 6 109 The villagers make their investment decisions one after another, and their decisions are public. a. If each villager decides individually how to invest, how many llamas will be sent onto the commons, and what will be the resulting village income?Number of llamas: Instructions: Enter your response as a whole number.Village income: $…A village has six residents, each of whom has accumulated savings of $100. Each villager can use this money either to buy a government bond that pays 18 percent interest per year or to buy a year-old llama, send it onto the commons to graze, and sell it after 1 year. The price the villager gets for the 2-year-old llama depends on the quality of the fleece it grows while grazing on the commons. That in turn depends on the animal’s access to grazing, which depends on the number of llamas sent to the commons, as shown in the following table:
- 2. A consulting firm specializing in agriculture determines that the following combinations of hay and grain consumption per lamb will result in a 25- pound gain for a lamb: Pounds of hay Pounds of grain 40 130.9 50 125.1 60 120.1 70 115.7 80 111.8 90 108.3 110 102.3 130 97.4 150 93.8A village has six residents, each of whom has accumulated savings of $100. Each villager can use this money either to buy a government bond that pays 17 percent interest per year or to buy a year-old llama, send it onto the commons to graze, and sell it after 1 year. The price the villager gets for the 2-year-old llama depends on the quality of the fleece it grows while grazing on the commons. That in turn depends on the animal's access to grazing, which depends on the number of llamas sent to the commons, as shown in the following table: Number of llamas on the commons Price per 2- year-old 11ama ($) 125 1 2 119 T 3折 116 4 113 111 109 5 6 The villagers make their investment decisions one after another, and their decisions are public. a. If each villager decides individually how to invest, how many llamas will be sent onto the commons, and what will be the resulting village income? Number of llamas: 20 Instructions: Enter your response as a whole number. Village income: $9. A village is located next to 1000 acres of prime grazing land. The village presently owns the land and allows all residents to graze cows freely. Some members of the village council have suggested that the land is being overgrazed. Is this likely to be true? These same members have also suggested that the village should either require grazers to purchase an annual permit or sell off the land to the grazers. Would either of these be a good idea?
- Y10What externality is carbon pricing trying to address? Explain why this is an externality. What roll does government have in addressing externalitiesEric and Ginny are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of barley and alfalfa each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing barley or alfalfa or to produce barley on some of the land and alfalfa on the rest. Barley Alfalfa (Bushels per acre) (Bushels per acre) Eric 40 8 Ginny 28 7 ? has an absolute advantage in the production of barley, and has an absolute advantage in the production of alfalfa. Eric's opportunity cost of producing 1 bushel of alfalfa is ? bushels of barley, whereas Ginny's opportunity cost of producing 1 bushel of alfalfa is ? bushels of barley. Because Eric has a ? opportunity cost of producing alfalfa than Ginny, ? has a comparative advantage in the production of alfalfa, and ? has a comparative advantage in the production of barley.
- Lance owns a chicken farm. He allows chicken effluent to accumulate in his paddock and waits for it to dry out so that it can be removed. Rain recently washed much of this effluent into a stream which runs through his paddock.Susan owns a market garden next to Lance’s farm, and she uses water from the stream to irrigate her vegetables. Recently Susan had to destroy an entire field of carrots worth $10,000 as it had become contaminated by listeria.Due to having to destroy the field of carrots, Susan is unable to fulfil a contractual obligation to supply carrots to Big Supermarket. Under the terms of her contract with Big Supermarket Susan is required to pay them a penalty payment of $2,000.00Susan believes the listeria contamination was caused by Lance allowing chicken effluent to enter the stream. She says that he has been negligent and should pay her the $10,000 replacement value of the carrots. She also wants him to reimburse her for the $2,000 penalty payment she now owes to Big…Crop loss per additional steer Number in herd Annual crop loss (Steers) (Tons) (Tons) 1 1 3 2 3 4 10 4 The cost of crop damage is $1/ton. The cattle rancher is able to sell the meat from each steer for $3.5. What is the socially efficient number of steers? [Select) If the rancher is liable for crop damages, will the rancher raise the efficient number of steers? [ Select ] If there are no transaction costs, and the rancher is not liable for crop damages, will they raise the efficient number of steers? [Select) The point of Coase's analysis here is that if the pricing system functions without transaction costs, I Select)Spring is here, and Larry and his uncle would like to go fishing for the weekend in Washington. Larry could either go to the river in town where anyone can fish without a permit, or he could drive up to a pond located on his family's property in the countryside to fish. Assume that, no matter where people fish, all of the fish that are caught would be kept (that is, there is no "catch and release" policy). The fish in the private pond are considered and whereas the fish in the river are and . In other words, the fish in the private pond are an example of , and the fish in the river are an example of . Fishing in the river will likely lead to because of which of the following reasons? All fishermen will choose to fish in the pond believing that there are more fish there. All fishermen will choose to fish in the river because of the limited access to the pond. Nobody will enjoy fishing because of the lack of private contributions…