DokantancesInstruction: Update the data in your spreadsheet to the values above and enter the recomputed answers for the original questions.Required:1. What is the nonpecuniary cost of this legislation?Instruction: Enter your response rounded to two decimal places.Nonpecuniary cost of the legislation2. What is the full economic price of this legislation?Instruction: Enter your response rounded to two decimal places.Full economic price of the legislation Required informationProblem 02-18 Excel Exercise Parts 1 and 2From California to New York, legislative bodies across the United States are considering eliminating or reducing thesurcharges that banks impose on noncustomers, who make $10 million in withdrawals from other banks' ATM machines.On average, noncustomers earn a wage of $22 per hour and pay ATM fees of $3.50 per transaction. It is estimated thatbanks would be willing to maintain services for 4 million transactions at $1.00 per transaction, while noncustomers wouldattempt to conduct 20 million transactions at that price. Estimates suggest that, for every 1 million gap between thedesired and available transactions, a typical consumer will have to spend an extra minute traveling to another machine towithdraw cash. Suppose there is legislation that would place a $1.00 cap on the fees banks can charge for noncustomertransactions.Problem 02-18 - Excel Exercise Part 2 of 2Assume that the information from the problem changed to the following:Withdrawals from other banks (millions)Average wage per hourAverage ATM fee per transactionTransactions provided by banks at cap fee (millions)Noncustomer transactions demanded at cap fee (millions)Extra minutes travelled per 1 million gap between desired and iavailable transactionsProposed cap on transaction fee< Prev1224$3.5012 of 15$$421Instruction: Update the data in your spreadsheet to the values above and enter the recomputed answers for the original questions.Required:1. What is the nonpecuniary cost of this legislation?1Next >

Given, The wage earned by a non-customer is $24/hour and the ATM transaction fee is…

Instruction: Update the data in your spreadsheet to the values above and enter the recomputed answers for the original questions. Required: 1. What is the nonpecuniary cost of this legislation? Instruction: Enter your response rounded to two decimal places. Nonpecuniary cost of the legislation 2. What is the full economic price of this legislation? Instruction: Enter your response rounded to two decimal places. Full economic price of the legislation

Instruction: Update the data in your spreadsheet to the values above and enter the recomputed answers for the original questions. Required: 1. What is the nonpecuniary cost of this legislation? Instruction: Enter your response rounded to two decimal places. Nonpecuniary cost of the legislation 2. What is the full economic price of this legislation? Instruction: Enter your response rounded to two decimal places. Full economic price of the legislation

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Required information
Problem 02-18 Excel Exercise Parts 1 and 2
From California to New York, legislative bodies across the United States are considering eliminating or reducing the
surcharges that banks impose on noncustomers, who make $10 million in withdrawals from other banks' ATM machines.
On average, noncustomers earn a wage of $22 per hour and pay ATM fees of $3.50 per transaction. It is estimated that
banks would be willing to maintain services for 4 million transactions at $1.00 per transaction, while noncustomers would
attempt to conduct 20 million transactions at that price. Estimates suggest that, for every 1 million gap between the
desired and available transactions, a typical consumer will have to spend an extra minute traveling to another machine to
withdraw cash. Suppose there is legislation that would place a $1.00 cap on the fees banks can charge for noncustomer
transactions.
Problem 02-18 - Excel Exercise Part 2 of 2
Assume that the information from the problem changed to the following:
Withdrawals from other banks (millions)
Average wage per hour
Average ATM fee per transaction
Transactions provided by banks at cap fee (millions)
Noncustomer transactions demanded at cap fee (millions)
Extra minutes travelled per 1 million gap between desired and i
available transactions
Proposed cap on transaction fee
< Prev
12
24
$3.50
12 of 15
$
$
4
21
Instruction: Update the data in your spreadsheet to the values above and enter the recomputed answers for the original questions.
Required:
1. What is the nonpecuniary cost of this legislation?
1
Next >

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