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- (dollars/16) 8=Ps 5-P₁ 4 = P₁₂ 0.1= Pat a b 9 U.S. beef market h Q₁ 113 Q₂ G₂ 120 125 (dollars/16) Q (thousand tons) 10-P₂ 7=P₂ 5-R 2-P k 2 0 P Japan beef market S /min Que Q5 74 76 r (26 86 (thousand tons Refer to the above partial equilibrium model of trade (large country case). Assume the world price is $5 when reaching free-trade equilibrium. When Japan freely trades with U.S., what is their import amount? (Answer format: only a number is needed, please don't type in anything else.)-- 49. Table 11-4 There are four homes along Belmont Circle, which surrounds a small plot of land. The land currently has no trees, and the 4 homeowners - Adams, Benitez, Chen, and Davis -- are considering the idea of contributing to a pool of money that will be used to plant up to 4 trees. The table represents their willingness to pay, that is, the maximum amount that each homeowner is willing to contribute toward each tree. Adams Chen $100 First tree Second tree Third tree Fourth tree A. 3 B. 2 C. 1 50 D. 4 20 10 Benitez $115 110 100 50 $120 110 80 40 Davis $90 Refer to Table 11-4. Suppose the cost to plant each tree is $90. How many trees should be planted to maximize the total surplus of the four homeowners? 50 30 OQuestion 13 Game Theory 2 Consider the airline game below AA 9A = 64 9A = 48 12.3 11.4 qu = 64 12.3 15.3 UA 15.3 13.8 qu = 48 %3D 11.4 13.8 1. What is the static equilibrium when the game is played once?
- A benefit-cost ratio greater than one implies that the benefits outweigh the costs which makes the project investment worthy. Select one: O True O FalseAnswer all parts of the econ problemElectricity is produced with water according to the function: E = 5 + 5W-1W² where E = kilowatt-hour and W = gallons of water. Water costs $0.02 per gallon. Electricity can be sold on the grid for $0.10 per kWh (kilowatt-hour). How much water should be purchased?
- Assume the relationship between the growth of a fish population and the population size can be represented as g= 8S – 0.2S2, where g is the growth in tons and S is the size of the population (in thousands of tons) a. Given a price of $100 a ton of fish, what is the marginal benefit of smaller population sizes? b. Estimate the population size that is compatible with the maximum sustainable yield. What would be the size of the annual catch if the population were to be sustained at this level? c. If the marginal cost of additional catches (represented in terms of the population size) is MC= 3(120-S), what is the population size that is compatible with the efficient sustainable yield? d. Is there a difference between the maximum sustainable yield you calculated in part (b) and the efficient sustainable yield in part (c)? Why or why not? Explain briefly (in 1 paragraph or less)Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Problem 2 Archibald Architecture and Erin's Engineers are two firms that are working together to build a new li- brary for the local community. They must each contribute some amount of resources to the build: Archibald will contribute a units of resources at a cost of a², and Erin will contribute e units at a cost of 2e². The final value of the build is 10(a + e -ae), which Archibald and Erin split equally, so that each receives a revenue of 5(a + e - ae). (a) Write down Archibald and Erin's payoff functions. (b) Suppose that the only resource contribution options available are 0,1 and 2. Archibald and Erin must make their decisions simultaneously without consulting one another. i. Compute the payoffs that correspond to w, x, y and z in the matrix below. Erin 1 5,3 Archibald 0 1 2 0 0, w 4,5 4,3 6,10 y, 3 2 10, x 4, -3 2,-8 ii. Is (0,0) is a Nash equilibrium in this game? Justify your assertion in no more than 25 words. iii. Is a resource contribution level of 2 rationalisable for…