Microeconomics
11th Edition
ISBN: 9781260507140
Author: David C. Colander
Publisher: McGraw Hill Education
expand_more
expand_more
format_list_bulleted
Videos
Question
Chapter 17.W, Problem 4QE
(a)
To determine
The value of desert land near an ocean when the project works.
(b)
To determine
The changes of the price of oil.
(c)
To determine
Explain the given statement.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
SCENARIO 1.2: A scientist wants to understand the relationship
between automobile emissions and the level of global warming.
The scientist collects data on the volume of automobile
emissions and the levels of global warming over time. The
scientist concludes that a 1% increase in automobile emissions
causes a 0.0003% increase in average global temperatures.
From this information he concludes that the automobile
emissions are harmful to the environment and should be
reduced to stop the increase in global temperatures.
Refer to Scenario 1.2. The statement, "automobile emissions are
harmful to the environment and should be reduced to stop the
increase in global temperatures," is an example of
normative economics.
positive economics.
the fallacy of logic.
marginal economics.
You have been tasked with developing a research report based on an economy of your choice anywhere in the world. The economy you select should be a growing economy or an economy that has experienced growth at some stage in its development. Present the finding of your research under the following headings.
THE ROLE OF PRICES
An examination of the role that prices play in the economic system you have chosen.
(150 - 200 words)
Nations across the globe are dealing with the effects of global warming. As the Earth's temperature rises, we are seeing dramatic examples of how that plays out for Earth's inhabitants. These examples include many animal species becoming extinct as habitats decrease or change; more frequent and more devastating fires in Australia and the western United States; rising water covering the city streets of Venice, Italy and threatening homes and farmland in The Netherlands; intense heat waves in India killing humans and animals alike. Here in North Carolina, we have seen more severe storms in the last year than in any 12-month period since weather reporting began in our area. Last summer, many people in our area complained about the abundance and ferocity of poison ivy. It turns out that increased CO2 levels in the environment create perfect conditions for poison ivy to thrive.
What responsibility do we owe our fellow human beings to protect the environment?
What responsibility do we…
Chapter 17 Solutions
Microeconomics
Ch. 17.1 - Prob. 1QCh. 17.1 - Prob. 2QCh. 17.1 - Prob. 3QCh. 17.1 - Prob. 4QCh. 17.1 - Prob. 5QCh. 17.1 - Prob. 6QCh. 17.1 - Prob. 7QCh. 17.1 - Prob. 8QCh. 17.1 - Prob. 9QCh. 17.1 - Prob. 10Q
Ch. 17.A - Prob. 1QECh. 17.A - Prob. 2QECh. 17.A - Prob. 3QECh. 17.A - Prob. 4QECh. 17.A - Prob. 5QECh. 17.A - Prob. 6QECh. 17.A - Prob. 7QECh. 17.A - Prob. 8QECh. 17.W - Prob. 1QECh. 17.W - Prob. 2QECh. 17.W - Prob. 3QECh. 17.W - Prob. 4QECh. 17.W - Prob. 5QECh. 17.W - Prob. 6QECh. 17.W - Prob. 7QECh. 17.W - Prob. 8QECh. 17.W - Prob. 9QECh. 17.W - Prob. 10QECh. 17.W - Prob. 1QAPCh. 17.W - Prob. 2QAPCh. 17.W - Prob. 3QAPCh. 17.W - Prob. 4QAPCh. 17.W - Prob. 5QAPCh. 17.W - Prob. 1IPCh. 17.W - Prob. 2IPCh. 17.W - Prob. 3IPCh. 17.W - Prob. 4IPCh. 17.W1 - Prob. 1QCh. 17.W1 - Prob. 2QCh. 17.W1 - Prob. 3QCh. 17.W1 - Prob. 4QCh. 17.W1 - Prob. 5QCh. 17.W1 - Prob. 6QCh. 17.W1 - Prob. 7QCh. 17.W1 - Prob. 8QCh. 17.W1 - Prob. 9QCh. 17.W1 - Prob. 10QCh. 17 - Prob. 1QECh. 17 - Prob. 2QECh. 17 - Prob. 3QECh. 17 - Prob. 4QECh. 17 - Prob. 5QECh. 17 - Prob. 6QECh. 17 - Prob. 7QECh. 17 - Prob. 8QECh. 17 - Prob. 9QECh. 17 - Prob. 10QECh. 17 - Prob. 11QECh. 17 - Prob. 12QECh. 17 - Prob. 13QECh. 17 - Prob. 14QECh. 17 - Prob. 15QECh. 17 - Prob. 16QECh. 17 - Prob. 17QECh. 17 - Prob. 18QECh. 17 - Prob. 19QECh. 17 - Prob. 20QECh. 17 - Prob. 21QECh. 17 - Prob. 22QECh. 17 - Prob. 23QECh. 17 - Prob. 24QECh. 17 - Prob. 25QECh. 17 - Prob. 26QECh. 17 - Prob. 1QAPCh. 17 - Prob. 2QAPCh. 17 - Prob. 3QAPCh. 17 - Prob. 4QAPCh. 17 - Prob. 5QAPCh. 17 - Prob. 6QAPCh. 17 - Prob. 1IPCh. 17 - Prob. 2IPCh. 17 - Prob. 3IPCh. 17 - Prob. 4IPCh. 17 - Prob. 5IPCh. 17 - Prob. 6IPCh. 17 - Prob. 7IPCh. 17 - Prob. 8IPCh. 17 - Prob. 9IPCh. 17 - Prob. 10IPCh. 17 - Prob. 11IP
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- _________ is the process by which an increasingly large proportion of the world’s population lives in urban areas.arrow_forwardIn 2020, the International Monetary Fund prescribed a carbon tax as the best way for governments around the world to meet their carbon emissions targets. A carbon tax is an economywide tax levied per tonne of carbon emitted by firms as a by-product of their production. Such a tax will likely increase business costs in the short run, especially for those firms whose production processes emit significant amounts of carbon. In the longer term, however, it is hoped that the tax will provide incentives for firms to invest in alternative production techniques that emit less carbon. Using the AD-AS framework, explain how the imposition of such a tax might impact inflation, economic activity and employment in the short run and the long run. Can you please please please show it in a graph the AD-AS framework its very important. Please have a through look and answer it.arrow_forwardYou have just been elected governor of a medium-sized U.S. state. Citizens want you to take bold action to reduce greenhouse gas emissions— but they do not want prices of gasoline or electricity to rise. Industries in your state are wary of emissions reductions being required of them but are willing to explore ideas with you. The state legislature will support your efforts as long as you remain popular with voters. The state to your west has just passed ambitious legislation mandating steep emissions cuts. The state to your east has joined a regional emissions trading consortium. The state to your north has just established a revenue-neutral carbon tax. What actions will you take in your first year as governor, and why? What effects would you expect each action to have?arrow_forward
- A nation with fixed quantities of resources is able to produce any of the following combinations of carpet and carpet looms, as shown in the table below and the diagram on the right. Yards of carpet (Millions) 0 12 24 36 48 60 Carpet looms (Thousands) 45 42 36 27 15 0 These figures assume that a certain number of previously produced looms are available in the current period for producing carpet. If this country chooses to produce both carpet and looms, as shown by point C, the number of looms available to produce carpet will increase over time. 1.) Using the 3-point curved line drawing tool, show what will happen to the PPF over time. Label the curve 'PPF₂'. Carefully follow the instructions above and only draw the required object. C Carpet (millions of yards) 96- 84- 72- 60- 48- 36+ 24- 12- 0- 0 Production Possibility Frontier 5 10 15 20 25 30 35 40 45 50 55 60 Looms (thousands)arrow_forwardDescribe accelerator principle?arrow_forwardList down the main ingredients or raw materials in manufacturing the Ferrari sports car. Identify the corresponding country from which each ingredient or raw material camearrow_forward
- The town of Bookville has a massive public library system. Bookville's municipal government faces a tradeoff between retaining the current number of library workers and replacing some of its workers with computers. The four options available to the government are given in table below. Computers and software cost $5,000 each and must be replaced each year. After the introduction of a strong union, the annual salary for workers increases to $27,000. In these circumstances, the optimal choice from a cost perspective for the city government is Choice Number of Workers Number of Computers 30 50 100 10 150 300 20arrow_forwardThe blue curve on the following graph shows the tradeoff between security and tourism; that is, combinations of security and tourism above the blue curve are not possible, and those on or below the curve are possible. The vertical axis measures security, defined as the probability that a terrorist is intercepted before entering the country. The horizontal axis measures the number of yearly visitors to the United States, in millions. Suppose that before 9/11, there were 55 million visitors per year, and the probability of intercepting any particular terrorist at customs and immigration was 10%, as indicated by the purple point (diamond symbol). After the 9/11 attacks, a debate is held in Congress. Members of both parties agree that security measures need to be improved. However, there is some disagreement as to how much additional security is needed. Suppose the first bill that is introduced mandates that security be improved so that the probability of catching a terrorist at the border…arrow_forwardThe US space budget is $24billion. Why do countries spend so much money on space research?arrow_forward
- Suppose that the annual maintenance cost of a public park is $40,000. The park has no entrance fee and the local government is under considerable pressure to sell it to urban developers. You are asked to estimate the value of the park to the public by using the travel cost method. The park is visited by people living in five concentric zones around it. Each zone has a population of 5000, and the total travel cost for a visit to the park from zone i is given by TCi = 4 (i -1), where i = 1,...,5. For each zone, the estimated relationship between visitation rate V (defined as annual number of visits/(population of zone/1000)) and total travel cost (TC) is given by V = 100 - 5 TC. (a) For each zone, obtain an equation relating the total number of visits from that zone to different levels of a hypothetical fee charged per visit.arrow_forwardQUESTION 9 Currently internet scammers steal an estimated $81 million per year from the Australian public. While the majority of the scammed funds leave Australia, around 30% of the stolen funds remain in the country. The Australian government has decided to add a specialised task force to the current government program to tackle internet scammers. This will increase the cost of the program from $1.5million per year to $2.5million per year. The additional resources are expected to reduce the amount f scams on the Australian public by an estimated $1 million per year. What is the net social benefit resulting from the added specialised task force? = $ million. Provide a detailed explanation of the considerations in your decision. What are the implications of this policy from an ethical and social perspective. Provide a detailed answer your spreadsheet = Provide a detailed explanation of your approach to this question in your spreadsheet.arrow_forwardThe subtitle of the Commanding Heights series is “The Battle for the World Economy”. This episode is titled “The Battle of Ideas” and begins with the introduction of the two most important economists in the 20th century, John Maynard Keynes and Friedrich von Hayek. Keynes and Hayeks ideas were oppositional to each other, yet in the end, both men would have a profound impact in the world economy of the 20th century. Write a short essay of 1-2 paragraphs identifying the basic ideas of both men and explaining why Keynes dominated the early post WWII era and Hayek that late post WWII era. I need to write a short essay around 3 paragraphsarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Microeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506893Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Difference between Renewable and Nonrenewable Resources; Author: MooMooMath and Science;https://www.youtube.com/watch?v=PLBK1ux5b7U;License: Standard Youtube License