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With the aid of appropriate diagrams describe what each of the following abatement cost curves are, who is likely to create them, who is more likely to use them and where relevant their advantages and disadvantages against each other:
a) Social average abatement cost curve.
b) Private average abatement cost curve.
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- https://www.washingtonpost.com/local/trafficandcommuting/tolling-on-395-express-lanes-starts-sunday-heres-what-you-need-to-know/2019/11/16/07742088-07d4-11ea-818c-fcc65139e8c2_story.html Using the principles of Opportunity Cost and Rational Decision Making, explain why (or why not) drivers might pay up to $30 to save 30 minutes of travel time during the rush hour. How much would you pay to use the HOT lane and why?According to David Harvey, subject is social sciences need: a) multidimensional analysis b) idealist analysis c) positivist analysis d) monodimensional analysisUse the following figure to answer the question below. Corn 80 Production Possibilities Frontier A Point A in the figure above is B 00 80 Green Beans
- 3) What is the opportunity cost of taking this Intro to Microeconomics course at NYU?What is the opportunity cost of attending class? Remember to consider explicit and implicit costs.Bonnie and Clyde are next-door neighbors. Both have identical yards with identical pools, The table below shows the amount of time it takes them to complete their yard work. Bonnie Clyde Rake the yard 40 minutes 150 minutes Clean the pool 180 minutes 120 minutes Bonnie and Clyde agree to completely specialize in the task for which they have the lower opportunity cost. In other words, one person will rake both of the yards, and one person will clean both of the pools. If they do this, how many minutes did Bonnie save by agreeing to this deal, compared with the original situation where she would have to rake one yard and clean one pool?It takes 1 hour to travel from New York to Washington D.C. by air and 8 hours by bus. The airfare is $200 and the busfare is $55. If a traveler wishes to minimize the total cost of making this trip, which mode of transportation should be selected if the traveler’s opportunity cost of time spent in transit is $10 per hour? Justify your answer.
- The following table ilustrates alternative production techniques for producing 18 widgets that can be sold for $1 each for a total revenue of $18. 18 Techniques Price Per Unit of ( of Units of Each Resource Resource Resource Required) A Labor $2 3. 1. Land 2 Capital Entrepreneurship 4. 2 11 12 Using technique A will result in an Multiple Choice economic loss of $2 economic profit of $1 economic profit of $2 economic profit of $3 00Suppose five people have houses on the same small lane. They all individually benefit from regular maintenance of the lane. Their individual marginal benefit curves are P = 8 ― (1/10)Q, where P reflects a willingness to pay in thousands and Q is the length of the road repaired in ten-yard units. The cost of maintenance is $2,000 per ten yards. Suppose one person is currently the only one paying for maintenance. How much does this person buy, and what is the deadweight loss? Does anyone individually have an incentive to pay for additional maintenance, and why or why not?Suppose that a surfboard designer owns a building and is renting part of the building's space to a doctor. Further suppose that because the surfboard designer is the owner, he has the right to make noise during the day while he sands the boards. While the doctor cannot insist on a quiet environment, the doctor could move to a quieter building. However, rent in the next best building is $400/month more than rent in the noisy building. The surfboard designer can adopt a new technology that eliminates the noise for $325/month. Given this situation, can the doctor find a private solution with the surfboard designer that will make both better off? What is the minimum and maximum payment the doctor would make to the surfboard designer to get the doctor to install the noise-reducing equipment? NOTE: Round your answers to the nearest dollar. Minimum: $ Maximum: $
- Alice and Bob each produce haircuts and landscaping services. Alice can provide 4 haircuts in one hour. Bob can provide 2 haircuts in one hour. It takes Alice 2 hours to landscape an acre of property. It takes Bob 1 hour to landscape an acre of property. Assume Alice and Bob both work a standard 8 hour day. Which of the following must be true? check all that apply Bob has a lower opportunity cost in producing landscaping services Alice has a lower opportunity cost of producing haircuts if they spent the same number of hours cutting hair, Alice would be able to produce more than Bob if they spent the same number of hours landscaping, Bob would be able to landscape more property than AliceIvar participates in a lot of Viking raids and needs to buy swords every month. He is offered a sword subscription. For a monthly fee he can buy as many swords as he wants at a per-sword price of $127. Swords can only be purchased in integer amounts. His Marginal Benefits (MB) from swords in a month is given in the table below. What is the maximum Ivar is willing to pay for this sword subscription. Quantity Marginal Benefit 1 $189 $146 $80 $76 $66 45In the context of the monocentric city model, which of the following statements best describes the demand-side reason that population density is higher near the central business district (CBD)? Note that the word "price" in the answers below refers to the price to rent a square foot of housing space. O Firms have an incentive to build less square footage of housing space per unit of land as price increases O Firms have an incentive to build more square footage of housing space per unit of land as price increases O Consumers demand less square footage of housing as price increases O Consumers demand more square footage of housing as price increases