4 3. The Ministry of Tourism in the Republic of Palau estimates that the demand for its scuba diving tours is given by QD =6000 – 20P, where Q is the number of divers served each month and P is the price of a two-tank dive. The supply ofscuba diving tours is given by Q = 30P – 2000.a) Find the equilibrium price and quantity.b) Find consumer and producer surplus.

Answered: Image /qna-images/answer/e45ae7ee-17f5-400c-95a8-c5d57291c0ca.jpg

Answered: The Ministry of Tourism in the Republic…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed in the attached table. If the tenants have the right to be free of loud music enforced through a property rule, how many bands will play in Rock‐n‐Roll Bar on a Saturday night? A. Zero B. One C. Two D. Three E. It depends on transaction costs
B9
16
ctors) on of es 1. Relationship of data usage and bill Data Usage(GB/month) 0 10 20 30 Bill($/month) 10 30 50 70 A. Draw the graph, placing data usage horizontally(on the X axis) and bill vertically(On the Y axis). B. How much is the monthly fixed fee? C. How much is the charge per GB? D. What is the Equation that describes the relationship, where data usage is denoted by D, and bill by B? E. How much would be the charge for 50 GB use per month?
B. The late Anne Collins had 3 children, Mary, John and Hana who unfortunately all predeceased Anne leaving several Anne's grandchildren and great grandchildren. Unfortunately, Anne died intestate without a will or trust. She is survived by: Mary's daughters Emma and Joan John's son Patrick who has 2 children Joe and Frank; Frank has 1 child Eddy. Hana's daughter Elizabeth is also deceased leaving 2 children Jim and Eva. (i) Please fill in the table taking into consideration that Anne died without a will/trust and therefore the distribution shall be according to the CA intestacy laws (Modified Per Stirpes PC 240). Each Emma and Joan Mary's spouse Each of Patrick's 2 children Joe and Frank Each of Elizabeth's 2 children Jim and Eva Patrick's grandchild Eddy Patrick MPS Ø
There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed below. Assume the bar owner has the right to hire as many bands as she likes. Iftransaction costs were $90, split between the bar owner and the tenants, how manybands would play? What would social welfare be? A. Three bands would play and social welfare would be ‐100.B. Two bands would play and social welfare would be 75.C. Two bands would play and social welfare would be ‐15.D. No bands would play and social welfare would be 0.E. Three bands would play and social welfare would be ‐190
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There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed below. If the tenants have the right to be free of loud music enforced through aproperty rule, how many bands will play in Rock‐n‐Roll Bar on a Saturday night? A. ZeroB. OneC. TwoD. ThreeE. It depends on transaction costs
Figure A Q Figure B Figure C Price (dollars per unit) 15- Price (dollars per unit) 15 Price (dollars per unit) 15- 14- 13- 12- 11- 10- MC MC 14- 14- 13- 12- 11- 10- „MC ATC 13- 12- 11- 10- ATC ATC MR MR MR 9- 9- 9- 8- 8- 8- 7- 7- 6- 90 100 100 100 1i0 Quantity (units) 90 110 90 110 15 Qua Quantity (units) Quantity (units) Consider a perfectly competitive firm in a short-run equilibrium. Figure shows a firm in bad times because the firm produces units and makes a(n) O A. A; 100; economic loss O B. B; 90; economic profit O C. A; 110; economic loss O D. C; 100; economic loss O E. C; 100; normal profit
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