Acres Sophia Amber Cedric $12 $24 $6 8 18 10 3 1 4 1 2 Consider the town of Springfield with only three residents, Sophia, Amber, and Cedric (see the Table). The three residents are trying to determine how large, in acres, they should build the public park. Suppose the cost to build the park is $12 per acre and that the residents have agreed to split the cost of building the park equally. If the residents vote to determine the size of park to build, basing their decision solely on their own willingness to pay (and trying to maximize their own surplus), what is the largest park size for which the majority of residents would vote "yes? 1 acre 3 acres 2 acres 4 acres
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- Acres Sophia Amber Cedric 1 $12 $24 $6 2 8 18 3 10 4 3 8 3 1 6. 2 6 4 1 7 2 Consider the town of Springfield with only three residents, Sophia, Amber, and Cedric (see the Table). The three residents are trying to determine how large, in acres, they should build the public park. Suppose the cost to build the park is $12 per acre and that the residents have agreed to split the cost of building the park equally. If the residents vote to determine the size of park to builo basing their decision solely on their own willingness to pay (and trying to maximize their own surplus), what is the largest park size for which the majority of residents would vote "yes?" 1 acre 2 acres 3 acres 4 acresEnvironmental Economics. The equations below describe the marginal costs of abatement for three separate sources (as a function of pollution). %3D МC2 3D 24 - 2е2 МС3 %3 10 - е3/2 (Constructing a graphical presentation of the different cost functions may help) 1. What is the total cost of abatement if each source is forced to cut its pollution by half? 2. What are the cost-savings of an emissions price that achieves the same reduction as the command and control policy described in question 2?Utilize the following table to answer the following question: O Q-5 O Q-3 Q 0 1 7 8 9 10 Q=4 O Q-1 2 3 4 5 6 TC 30 55 75 85 100 120 145 185. 240 310 395 MC N/A 25 20 10 15 20 25 40 55 70 85 TVC N/A 25 45 55 70 90 115 155 210 280 365 TFC 30 30 30 30 30 30 30 30 30 30 30 AVC N/A 25 22.5 18.33333 17.5 18. 19.16667 22.14286 26.25 31.11111 36.5 ATC N/A 55 Question: Suppose that the prevailing price in the market drops to $16. What output level maximizes profit for the firm? 37.5 28.33333 25 24 24.16667 26.42857 30 34.44444 39.5
- 8. Best responses for individual contributions to a public good Larry and Megan each rent one unit of a two-unit apartment building. The building has two separate furnaces located between the two apartments. The renters each control and pay for the heat their furnaces generate and would choose to increase the temperature of their apartments by 30 degrees if the other never turned on their furnace, given that the marginal private benefit (MB) of the 30th degree is equal to the marginal cost (MC) of 1 degree of heat (assume that the MC of heat is constant and that the MB of heat is decreasing). However, each degree of heat paid for by one not only raises the temperature in that apartment by a degree but also raises the temperature in the other apartment by half a degree. degrees of heat before his personal As a result, if Megan were to buy 10 degrees of heat, then Larry would need to purchase only marginal benefit of the final degree was equal to the marginal cost. Use the blue line…9. Best responses for individual contributions to a public good Dmitri and Frances each rent one unit of a two-unit apartment building. The building has two separate furnaces located between the two apartments. The renters each control and pay for the heat their furnaces generate and would choose to increase the temperature of their apartments by 30 degrees if the other never turned on their furnace, given that the marginal private benefit (MB) of the 30th degree is equal to the marginal cost (MC) of 1 degree of heat (assume that the MC of heat is constant and that the MB of heat is decreasing). However, each degree of heat paid for by one not only raises the temperature in that apartment by a degree but also raises the temperature in the other apartment by half a degree. As a result, if Frances were to buy 40 degrees of heat, then Dmitri would need to purchase only |degrees of heat before his personal marginal benefit of the final degree was equal to the marginal cost. Use the blue…When we talk about massive energy generation through more traditional methods, such as hydroelectric andthermoelectric plants, it is inevitable that we think about environmental aspects and the entire chain involved so that theenergy generated in a locality is taken to large consumer centers. Seeking to improve thisIn this context, microgrids emerged, which can act in isolation or connected to the Interconnected SystemNational. For consumers, the main advantages are medium-term savings and the issue ofenvironmental. For the distributor, the impacts of microgrids are:ALTERNATIVESa) Practically non-existent, as current equipment is energy efficient and connecteddigitally, improving the operation of the network as a whole.b) Technical and environmental, as the consumer stops buying energy from the distributor, and the generation andtransmission becomes obsolete, generating waste for the environment.c) Exclusively technical, as the consumer connects the phases and the neutral to the SIN…
- Water rescue situation Determine what should be done first and last as well as the available resources in the scenarios. 1. You were on the schools swimming pool to practice your butterfly stroke for an upcoming competition and are the only one in the pool area when you noticed someone floating in the pool's 8ft area. When you checked what it was, you were shocked to find a person floating and unresponsive to your calls.Define (a) externalities and (b) sunk costs, andthen give examples of each that might be involvedin a proposal by an energy company to build anew coal-fired electric power generating unit. Howwould these factors be worked into the analysis?A local college is deciding whether to conduct a campus beautification initiative that would involve various projects, such as planting trees and remodeling buildings, to make the campus more aesthetically pleasing. For the students of the college, the visual appearance of the campus isnonrival andnonexcludable . Thus, the visual appearance would be classified as a public good. Suppose the college administrators estimate that the beautification initiative will cost $61,110. To decide whether the initiative should be undertaken, administrators conduct a survey of the college's 2,240 students, asking each of them their willingness to pay for the beautification project. The average willingness to pay, as revealed by the survey, is $20. The benefit of the beautification initiative, as suggested by the survey, is . Because the estimated benefit is than the cost, the college administrators undertake the beautification initiative. The calculation of the benefit of…
- 11 When performing a benefit cost analysis of different options to provide clean water to a community, the option that should be chosen is the option that maximizes the benefit to cost ratio. True or False?Answer 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 stadiumTable 11-1Consider the town of Springfield with only three residents, Sophia, Amber, and Cedric. The three residents are trying to determine how large, in acres, they should build the public park. The table below shows each resident’s willingness to pay for each acre of the park. Acres Sophia Amber Cedric 1 $10 $24 $6 2 8 18 5 3 6 14 4 4 3 8 3 5 1 6 2 6 0 4 1 7 0 2 0 Refer to Table 11-1. Suppose the cost to build the park is $24 per acre and that the residents have agreed to split the cost of building the park equally. If the residents decide to build a park with size equal to the number of acres that maximizes total surplus from the park, how much total surplus will Amber receive? a. $56 b. $0 c. $26 d. $32