Q: Describe the benefit-cost ratio?
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A: In economics, it is assumed that people are rational. That is people will take decisions that are of…
Q: What is an incremental benefit-cost ratio?
A: An incremental benefit-cost ratio is a type of benefit-cost analysis that helps to understand the…
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Q: Describe the process of Valuation of Benefits and Costs?
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Q: how does scarcity affect enconomic decisions?
A: Scarcity implies that the demand for a good or service is more prominent than the accessibility of…
Q: Why do marginal costs tend to rise, and marginal benefits tend to fall
A: Marginal cost is the addition cost which is incurred for producing an additional output. Marginal…
Q: explain each.You can use an examp
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Q: Give some examples of benefit-cost analyses?
A: Benefit-cost analysis is a process used by the business to analyse the decisions and to choose the…
Q: As the environment changes, the assumptions on which the goals were based, and ultimately the goals…
A: Given the statement is As the environment changes, the assumptions on which the goals were based,…
Q: What will happen when multidomestic occur?
A: Multi-domestic occurs when a company follows a strategy of fitting its product in each country where…
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A: The opportunity cost is the cost of choosing one option over another.
Q: What type of "Scarcity" in your daily life do you face? Briefly describe.
A: Scarcity is the situation where the resources are being short and limited to use for the people.
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Q: Which of the following is an example of a microeconomic topic? a) How to run a business and earn a…
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Q: graphically explain the economy-environment interaction?
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Q: Give the Examples of benefit-cost analyses?
A: Benefit-cost analysis is a process used by the business to analyze the decisions and to choose the…
Q: What Is Cost-Effectiveness Measures?
A: Cost(C) is an important component of production. The ‘cost of production’ refers to the total…
Q: Define economics, and explain why scarcity is central toeconomic decision making.
A: Economics is the study of how human beings choose alternatives under situations of scarcity. Such…
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A: One of the core principles of economics is scarcity.It indicates that there is a gap between the…
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Q: What are the goals of economic engineering?
A: Engineering economics is a part of economics that deals with the use and application of economics…
Q: What is an omniscient point of view
A: Omniscient is a word which in simple words means information of everything that is, knowing…
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A: Marginal cost refers to the additional cost that incurs due to increase the output one more units.…
Q: What are the wants and constraints of those involved?
A: Wants is something that is desired and it is unlimited. Wants can be satisfied by consuming goods…
Q: What is ecological about ecological economics?
A: Ecological economics examines the world and draws interdisciplinarily from principles of biology,…
Q: Describe the Benefit-Cost Analysis?
A: A Benefit-cost analysis which is also known as a cost-benefit analysis is used to predict the costs…
Q: Describe Building a Should-Cost Model?
A: Should-Cost modeling is the process of determination of what a product must cost being based upon…
Q: What are the major course learning outcomes from studying a microeconomics course?
A: Microeconomics is the discipline of economics that investigates the economy on individual and…
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A: Given the PPF above, the economy is at production efficient level ie on PPF when 3 million gallons…
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- to treat a sore back Kyoko undertakes a course of physical therapy.Kyoko's marginal benefit from her first physical therapy session is $250 from her second its $225 , from her third its $175 anf from her its $100. physical threapy sessins cost $175 each. assuming kyoko's final physical threapy session will earn her zero consumer surpus, kyoko will have _ physical threapy sessions and her total consumer surpus will be_ A .four, $0 B. three, $100 c. four, $125 d. three, $125Imagine a scenic canyon, visited by many local people as well as tourists from beyondthe local area. Consider a scenario in which a mining company has proposed to the localauthority that it be closed to the public and put into the production of coal. Thinking interms of economics as a way of adjudicating the relative value of one use of the canyon overthe other, what would you need to know in order to make a comparison or assessment?What kinds of quantitative data would inform your decision, and where might they comefrom? What kinds of things might you need to know that are hard to measure? Once youhave listed the kinds of information and data that might be available to inform this decision, do you think it would be sufficient to making this decision, why or why not?Four roommates are planning to spend the weekendin their dorm room watching old movies, and theyare debating how many to watch. Here is theirwillingness to pay for each film:Dwayne Javier Salman ChrisFirst film $7 $5 $3 $2Second film 6 4 2 1Third film 5 3 1 0Fourth film 4 2 0 0Fifth film 3 1 0 0a. Within the dorm room, is the showing of a moviea public good? Why or why not?b. If it costs $8 to stream a movie, how many moviesshould the roommates stream to maximize totalsurplus?c. If they choose the optimal number from part (b)and then split the cost of streaming the moviesequally, how much surplus does each personobtain from watching the movies?d. Is there any way to split the cost to ensure thateveryone benefits? What practical problems doesthis solution raise?e. Suppose they agree in advance to choose theefficient number and to split the cost of the moviesequally. When Dwayne is asked his willingness topay, will he have an incentive to tell the truth? Ifso, why? If not, what will he…
- Room Cleaning First Second Third Fourth Fifth 01 2 0 03 Aisha's Willingness to Pay Sara's Willingness to Pay $8 $7 $6 $5 $4 $10 $8 $6 $4 $2 Aisha and Sara are roommates who both benefit from having their room cleaned by a cleaning service. The table shows their individual willingness to pay for each room cleaning. The marginal cost of each room cleaning is $16. Considering that both roommates benefit when the room is cleaned, what is the efficient number of room cleanings per week that maximizes total surplus?Four roommates are planning to spend the weekendin their dorm room watching old movies, and they are debating how many to watch. Here is their willingness to pay for each film: a. Within the dorm room, is the showing of a movie apublic good? Why or why not?b. If it costs $8 to rent a movie, how many moviesshould the roommates rent to maximize totalsurplus?c. If they choose the optimal number from part(b) and then split the cost of renting the moviesequally, how much surplus does each personobtainfrom watching the movies?d. Is there any way to split the cost to ensure thateveryonebenefits? What practical problems doesthis solution raise?e. Suppose they agree in advance to choose theefficientnumber and to split the cost of themoviesequally. When Judd is asked his willingnessto pay, will he have an incentive to tell thetruth? If so, why? If not, what will he be temptedto say?f. What does this example teach you about theoptimalprovision of…What are the similarities between a consumers budget constraint and societys production possibilities frontier, not just graphically but analytically?
- Suppose a city releases 16 million gallons of raw sewage into a nearby lake. Table 12.8 shows the total costs of cleaning up the sewage to different levels, together with the total benefits of doing so. (Benefits include environmental, recreational, health, and industrial benefits.) Using the information in Table 12.8, calculate the marginal costs and marginal benefits of reducing sewage emissions for this city. See Production, Costs and Industry Structure if you need a refresher on how to calculate marginal costs. What is the optimal level of sewage for this city? Why not just pass a law that films can emit zero sewage? After all, the total benefits of zero emissions exceed the total costs.7:32 AM 0.1KB/s O 63 expert.chegg.com/expei Chegg Home Expert Q&A My answers Time remaining: 00:09:22 Economics Aristotle made a key distinction between what he called 'natural' and 'un-natural' exchange. For this assignment, answer the following two questions in a page or so. 1. What is 'un-natural' exchange and why was Aristotle so worried about it? 2. How did the feudal system, via 'Canon law', manage economic and market activity?If 10 million toy cars are sold. which means that: The production of toy cars is currently at an inefficient level, and to reach efficiency more should be produced. From the data given it is impossible to tell if toy cars are being produced at the efficient level. O The production of toy cars is currently at an inefficient level, and to reach efficiency less should be produced. The production of toy cars is currently at the efficient level. IF 30 million toy cars are sold, - vwhich means that: The production of toy cars is currently at an inefficient level, and to reach efficiency more should be produced. O From the data given it is impossible to tell if toy cars are being produced at the efficient level. The production of toy cars is currently at the efficient level. The production of toy cars is currently at an inefficient level, and to reach efficiency less should be produced. The optimal allocation of resources would result in the production of toy cars.
- he table below displays the private marginal benefit and the private marginal cost for Sam's Flower Farm. Quantity (acres) MC Private 100 200 300 400 500 $650 675 700 725 750 MB Private $675 675 675 675 675 m's Flower Farm produces wild flowers. Each acre produces $675 worth of flowers per month. Sam's farm also serves as a al attraction for tourists looking to view birds and butterflies increasing the revenues of local businesses by $25 per month. at is the socially efficient number of acres for Sam to plant if all costs and benefits are considered?Wireless, high-speed Internet is provided for free inthe airport of the city of Communityville.a. At first, only a few people use the service.What type of a good is this and why?b. Eventually, as more people find out aboutthe service and start using it, the speed of theconnection begins to fall. Now what type of agood is the wireless Internet service?c. What problem might result and why? What is onepossible way to correct this problem?Use this table to answer the next question. Anne and Charity are both engineers who can create roads or tunnels each year. The roads and tunnels they create are of equal, standard quality. The following table describes their maximum outputs per year. Roads Tunnels 10 2 Anne 4 Charity 8 What could Anne build with the time and other resources it takes her to build one tunnel? 1/2 road 5 tunnels 2/5 road 1/5 tunnel. 2 roads