a. Assume that voting will be done using a quadratic voting system and that Garcia, Johnson, and Lee are each given $500 that canonly be spent on purchasing votes (i.e., any unspent money has to be returned). How many votes will Garcia purchase to supportnational defense? How many for the road? Place those values into the appropriate blanks in the table below and then do the same forthe blanks for Johnson and Lee. Assume there are no additional costs beyond the cost of purchasing votes and that votes must bepurchased in whole numbers.Instructions: Enter your answers as a whole number.Number of Votes Purchased by Each Voter for the Listed Public ProjectsLeePublic GoodGarciaJohnson12National defenseRoad17Weather warning systemb. Across all three voters, how many votes are there in favor of national defense? The road? The weather warning system?Votes for national defense:Votes for road:Votes for weather warning system:c. If a paired-choice vote is taken of national defense versus the road, which one wins?(Click to select) vd. If a paired-choice vote is taken of the road versus the weather warning system, which one wins?(Click to select)e. If a paired-choice vote is taken of national defense versus the weather warning system, which one wins?(Click to select) Let's see whether quadratic voting can avoid the paradox of voting that arose in Table 5.3 when using 1p1v in a series of paired-choicemajority votes. To reexamine this situation using quadratic voting, the table below presents the maximum willingness to pay of Garcia,Johnson, and Lee for each of the three public goods. Notice that each person's numbers for willingness to pay match her or hisordering of preferences (1st choice, 2nd choice, 3rd choice) presented in Table 5.3. Thus, Garcia is willing to spend more on her firstchoice of national defense ($400) than on her second choice of a road ($100) or her third choice of a weather warning system ($0).TABLE 5.3 Paradox of VotingPreferencesPublic GoodGarciaJohnsonLeeNational defense1st choice3d cholce2d cholceRoad2d cholce1st choice3d cholceWeather warning system3d choice2d choice1st choiceElectionVoting Outcomes: Winner1. National defense vs. roadNational defense (preferred by Garcia and Lee)2. Road vs. weather warning systemRoad (preferred by Garcia and Johnson)3. National defense vs. weather warning system Weather warning system (preferred by Johnson and Lee)Individual Voter Willingness to Pay for the Listed Public ProjectsJohnson$ 50Public GoodGarciaLeeNational defense$ 400$ 150Road100300100Weather warning system250150a. Assume that voting will be done using a quadratic voting system and that Garcia, Johnson, and Lee are each given $500 that canonly be spent on purchasing votes (i.e., any unspent money has to be returned). How many votes will Garcia purchase to supportnational defense? How many for the road? Place those values into the appropriate blanks in the table below and then do the same forthe blanks for Johnson and Lee. Assume there are no additional costs beyond the cost of purchasing votes and that votes must bepurchased in whole numbers.Instructions: Enter your answers as a whole number.

Answers (A) Public Goods Garcia Johnson Lee National Defence 20 7 12 Road 10 17 10…

Answered: y be spent on purchasing votes (i.e.,…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Corporations exist as legal entities with certain advantages (such as limited liability)because society allows them to do so, and these corporate rights and advantages can beremoved from firms that are perceived to be irresponsible. Companies that think abouttheir social responsibility in this light are engaging in CSR for what type of reasons? O. StrategicO. RegulatoryO. EthicalO. Pragmatic
A certain economy consibt ing of the two sectors of goods and servicessupports a defense system that consumes $90 billion wort h of goods and$20 billion worth of services from the economy but does not contributeto economic production. Suppose that 50 cents worth of goods and 20cents worth of services are required to produce $1 wort h of goods andthat 30 cents worth of goods and 60 cents worth of services are requiredto produce $1 wort h of services. ·what must the total output of theeconomic system be to support this defense system?
A transfer payment is Select one: a.a form of government spending that is not made in exchange for a currently produced good or service. b.the benefit that a person receives from an expenditure by government minus the taxes that were collected by government to fund that expenditure. c.a payment for moving expenses a worker receives when he or she is transferred by an employer to a new location. d.a payment that is automatically transferred from your bank account to pay a bill or some other obligation.
Companies often choose to build plants compliant with stricter environmental standards when they locate in low-income countries with lax environmental standards. This is because Select the correct answer below: they want to improve the living conditions of people living in these countries designing an industrial plant is a complex and costly task, and so if a plant O works well in a high-income country, companies prefer to use the same design everywhere they want to show local companies that the environmental issues caused by production should be taken seriously and dealt with appropriately they want to have a better record of compliance with environmental laws than do locally-owned plants.
2. You are preparing to market this year's calf crop and want to decide if you would like to precondition your calves this year. If you decided to sell your calves at weaning, you would expect to market them at approximately 425 at price of $1.80 per pound. Alternatively, you have the option to precondition your calves for 45 days in a dry lot, castrate your bulls, and provide a round of vaccinations. You expect that the additional 45 days of feeding will get your calves up to a market weight of 550 pounds. Under normal circumstances, these calves would bring $1.65 per pound at the sale barn, but you also expect that you can charge a 6% preconditioning premium at the time of sale because you are marketing them directly. a. What is the final sale price for the 550 pound preconditioned calves? b. What is the value of gain for the preconditioned calves? c. If your cost of gain over the 45-day preconditioning period is $1.45 what would be your net profit on these calves?
Two important industries on the island of Bermuda are fishing and tourism.According to data from the Food and Agriculture Organization of the United Nationsand the Bermuda Department of Statistics, in 2009 the 306 registered fishermen inBermuda caught 387 metric tons of marine fish. And the 2,719 people employed byhotels produced 554,400 hotel stays (measured by the number of visitor arrivals).Suppose that this production point is efficient in production. Assume also that theopportunity cost of 1 additional metric ton of fish is 2,000 hotel stays and that thisopportunity cost is constant (the opportunity cost does not change).a. If all 306 registered fishermen were to be employed by hotels (in addition to the2,719 people already working in hotels), how many hotel stays could Bermudaproduce?
Imagine you are working as a climate advisor to the federal government and they want to craft a bill to drastically reduce methane emissions in America. Which of the following policies would you recommend to them as the most effective in reducing methane? a. federal and state funding being directed to the western states for large scale forest management and fire prevention b. incentive programs to reduce meat production and consumption, while additionally subsidizing alternative diet options c. a nationwide waste management program focused on composting organic material to divert waste from landfills d. incentivizing solar panels to allow for affordable renewable energy that is competitive with market pricing for energy]
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Spring is here, and Manuel and his grandfather would like to go fishing for the weekend in Florida. Manuel could either go to the lake in town where anyone can fish without a permit, or he could drive up to a pond located on his family's property in the countryside to fish. Assume that, no matter where people fish, all of the fish that are caught would be kept (that is, there is no "catch and release" policy). The fish in the lake are considered and whereas the fish in the private pond are and . In other words, the fish in the lake are an example of , and the fish in the private pond are an example of . Fishing in the lake will likely lead to because of which of the following reasons? Nobody will enjoy fishing because of the lack of private contributions to the maintenance of the lake. Anyone can fish in the lake, and one person's fishing activity decreases the ability of someone else to fish with success. All fishermen will…
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In the real world it is, the case that all the conditions for markets to be efficient hold, so in the modern economic systems governments. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a rarely; make most economic decisions rarely; intervene to corect market failures c often; have no influence on market outcomes often; only provide public goods Which of the following statements are true? (Check all that apply.) Multiple answers: Multiple answers are accepted for this question Select one or more answers and submit. For keyboard navigation. SHOW MORE V a Unregulated markets fail to efficiently provide private goods. An unregulated market is efficient when it generates externalities. Markets regulated by government can be more efficient than unregulated markets. d Unregulated perfectly competitive markets are not always efficient. The market for medical services is inefficient because Select an answer and submit. For keyboard…
Suppose Walmart has announced plans to seek approval from the planning commission of a small town to build a new store. Develop alist of the main arguments, pro and con, that could be presented at a public hearing on the matter by members of each of these groups: 1. Owners of small businesses located nearby.2. Town residents, and residents of nearby towns. How might a Walmart representative respond to the negative criticisms that might be brought up, and what other benefits could the representative offer the planning board to bolster Walmart’s case for gaining the board’s approval?

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