Sub : EconomicsPls answer very faast.I ll upvote. Thank You 5. The effects of property rights on achieving efficiencyConsider a lake found in the town of Center Barnstead, and then answer the questions that follow.The town has a hiking lodge whose visitors use the lakefor recreation. The town also has a research lab thatdumps industrial waste into the lake. This pollutes the lakeand makes it a less desirable vacation destination. That is,the research lab's waste decreases the hiking lodge'seconomic profit.wwSuppose that the research lab could use a different production method that involves recycling water. This would reduce the pollution in the laketo levels safe for recreation, and the hiking lodge would no longer be affected. If the research lab uses the recycling method, then the researchlab's economic profit is $1,400 per week, and the hiking lodge's economic profit is $2,700 per week. If the research lab does not use therecycling method, then the research lab's economic profit is $2,200 per week, and the hiking lodge's economic profit is $1,500 per week. Thesefigures are summarized in the following table. Complete the following table by computing the total profit (the research lab's economic profit and the hiking lodge's economic profit combined) with andwithout recycling.ActionNo RecyclingRecyclingResearch Lab(Dollars)2,2001,400ProfitHiking Lodge(Dollars)1,5002,700Total(Dollars)Total economic profit is highest when the recycling production method isⒸ Trueused or not usedWhen the research lab uses the recycling method, the hiking lodge earns $2,700 - $1,500 $1,200 more per week than it does with norecycling. Therefore, the hiking lodge should be willing to pay up to $1,200 per week for the research lab to recycle water. However, the recyclingmethod decreases the research lab's economic profit by $2,200 - $1,400 = $800 per week. Therefore, the research lab should be willing to usethe recycling method if it is compensated with at least $800 per week.FalseSuppose the hiking lodge has the property rights to the lake. That is, the hiking lodge has the right to a clean (unpolluted) lake. In this case,assuming the two firms can bargain at no cost, the research lab willthe recycling method and will pay the hikinglodge▼per week.used or not usedse top right cornerThe research lab will make the most economic profit when$0Between $ and $400Between $400 and $800Between $800 and $1,200see top right cornerNow, suppose the research lab has the property rights to the lake, including the right to pollute it. In this case, assuming the two firms canbargain at no cost, the research lab willthe recycling method, and the hiking lodge will pay the research used or not usedlabper week.True or False: The research lab will use the recycling method, regardless of who has the property rights.it has rights to pollute lake or the hiking lodge has rights to clean lake

Property rights refer to the legal and enforceable rights and interests that individuals or entities…

sider a lake found in the town of Center Barnstead, and then answer the questions that follow. The town has a hiking lodge whose visitors use the lake for recreation. The town also has a research lab that dumps industrial waste into the lake. This pollutes the lake and makes it a less desirable vacation destination. That is, the research lab's waste decreases the hiking lodge's economic profit. pose that the research lab could use a different production method that involves recycling water. This would reduce the pollution in the evels safe for recreation, and the hiking lodge would no longer be affected. If the research lab uses the recycling method, then the res s economic profit is $1,400 per week, and the hiking lodge's economic profit is $2,700 per week. If the research lab does not use the cling method, then the research lab's economic profit is $2,200 per week, and the hiking lodge's economic profit is $1,500 per week. T res are summarized in the following table.

sider a lake found in the town of Center Barnstead, and then answer the questions that follow. The town has a hiking lodge whose visitors use the lake for recreation. The town also has a research lab that dumps industrial waste into the lake. This pollutes the lake and makes it a less desirable vacation destination. That is, the research lab's waste decreases the hiking lodge's economic profit. pose that the research lab could use a different production method that involves recycling water. This would reduce the pollution in the evels safe for recreation, and the hiking lodge would no longer be affected. If the research lab uses the recycling method, then the res s economic profit is $1,400 per week, and the hiking lodge's economic profit is $2,700 per week. If the research lab does not use the cling method, then the research lab's economic profit is $2,200 per week, and the hiking lodge's economic profit is $1,500 per week. T res are summarized in the following table.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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