Sub part (a):
How many great ideas will occur in the world of 1800.
Sub part (a):
Answer to Problem 9TPS
300 ideas when population is 300 million.
6,000 ideas when population is 6 billion.
Explanation of Solution
The relation between the population size and the number of great ideas is given. It is that only 1 idea out of every one million. Here, the total population is given as 300 million. Thus, by dividing total population with one million, the number of great ideas can be calculated as follows:
Thus, when the population is 300 million, the number of great ideas is 300. When the population is 6 billion, the same can be calculated as follows:
Therefore, when the population is 6 billion, the number of great ideas is 6,000.
Sub part (b):
How many great ideas will occur in the world of 1800 and today.
Sub part (b):
Answer to Problem 9TPS
60 ideas in 1800 and 1,200 great ideas in this year.
Explanation of Solution
The relation between the population size and the number of great ideas is given. It is that only 1 idea out of every one million. Here, the total population is given as 300 million. However, only 20 percent of the population is able to invent new ideas. Thus, by dividing total population with one million, the number of great ideas can be calculated as follows:
Thus, in the year 1800, the number of great ideas is 60. When the population is 6 billion, the same can be calculated as follows:
Therefore, when the population is 6 billion (this year), the number of great ideas is 1,200.
Sub part (c):
How many great ideas will occur in India and China.
Sub part (c):
Answer to Problem 9TPS
1,000 ideas in each country.
Explanation of Solution
The relation between the population size and the number of great ideas is given. It is that only 1 idea out of every one million. The total population by the two countries is 2 billion, which is approximately 1 billion each. Thus, the number of great ideas from each country can be calculated as follows:
Therefore, when the population is 1 billion, the number of great ideas is 1,000. Since both countries have equal population, there will be 1,000 ideas from each.
Sub part (d):
How many great ideas will occur in the world when the population cuts into half this year.
Sub part (d):
Answer to Problem 9TPS
600 ideas in this year.
Explanation of Solution
The relation between the population size and the number of great ideas is given. It is that only 1 idea out of every one million. When the population is 6 billion, only 20 percent of the population invents new ideas. Thus, the number of great ideas can be calculated as follows:
Therefore, when the population is 6 billion (this year), the number of great ideas is 1,200. When the population becomes half, then the number of ideas invented can be calculated as follows:
Thus, when population today becomes half of the 6 billion, the number of great ideas becomes 600.
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Chapter 28 Solutions
EBK MODERN PRINCIPLES OF ECONOMICS
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- Driving Quiz X My Course G city place w x D2L Login - Univ X D2L Login - Univ x D2L Login - U acmillanlearning.com/ihub/assessment/f188d950-dd73-11e0-9572-0800200c9a66/4db68a5e-69bb-4767-8d6c-a12d +1687 pts /1800 © Macmillan Learning Question 6 of 18 > The graph shows the average total cost (ATC) curve, the marginal cost (MC) curve, the average variable cost (AVC) curve, and the marginal revenue (MR) curve (which is also the market price) for a perfectly competitive firm that produces terrible towels. Answer the three questions, assuming that the firm is profit-maximizing and does not shut down in the short run. What is the firm's total revenue? S What is the firm's total cost? $ What is the firm's profit? (Enter a negative number for a loss.) $ Price $320 $300 $200 $150 205 260 336 365 Quantity MC ATC AVC MR=Parrow_forward1. Suppose that the two nations face the following benefits of pollution, B, and costs of abatement, C: BN = 10, Bs = 7; CN = 5, Cs = 4. Further assume that if the nation chooses to abate pollution, it still receives the benefits of pollution but now must pay the cost of abatement as well. a. Identify the payoffs that accrue to each nation under the four different possible outcomes of the game and present these payoffs in the normal form of the game. b. Recall that the term dominant strategy defines the condition that a player in a game would prefer to play that strategy (in this case either pollute or abate) regardless of the strategy chosen by the other player in the game. Does either nation have a dominant strategy in this game? If so, what is it? c. Identify the Nash equilibria, or non-cooperative equilibria, of this game.arrow_forwardagrody calming Inted 001 and me 2. A homeowner is concerned about the various air pollutants (e.g., benzene and methane) released in her house when she cooks with natural gas. She is considering replacing her gas oven and stove with an electric stove comprising an induction cooktop and convection oven. The new appliance costs $900 to purchase and install. Capping the old gas line costs an additional $150 (a one-time fee). The old line must be inspected for leaks each year after capping, at a cost of $35 for each inspection. a. If the homeowner plans to remain in the house for four more years and the discount rate is 4%, what is the minimum present value of the benefits that the homeowner would need to experience for this purchase to be justified based on its private net sub present value? b. While trying to understand how she might express the value of reduced exposure to indoor air pollutants in dollar terms, the homeowner consulted the EPA website and found estimates provided by…arrow_forward
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