In the table below, fill in the numeric answers in the "Willingness to Pay" (WTP) blanks where indicated. WTPx, WTPy, WTPZ represent three different individual's "willingness to pay". Q MC WTPx WTPY WTPz Collective WTP 1 15 18 21 16 Number 2 17 12 Number 8 37 3 19 Number 14 5 27 4 20 6 12 3 Number 5 27 5 11 Number 18 What is the optimal quantity of the public good that should be provided? Click for List
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- I don't understand how to gtaphically change the resulting fators.what is the mariginal rate of subsitutuion between two complementary goods ?In an article on how exercise improves health, the New York Times reported on an observational study that found that each hour spent running added two hours to a person's life expectancy [Brody. 20061 A week later, a letter to the editor questioned whether the results really proved anything about the impact of exercise on health, and suggested that the study could just as well be showing that "those with a strong heart and good health are otherwise more likely to enjoy running and do it more regularly." How does this challenge to the exercise study relate to the problems faced by economists trying to &slims the causal effects of economic policy? How could you design an experimental study to estimate the impact of running on life expectancy?
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- In Autarka 2 amusement parks, Alfonso's wonderland and Bernice's rides there are 9600 people who like to visit an amusement park. Each of theseconsumers wants to visit one park once. The consumers' homes are evenly spaced acrossthe island, and they each suffer a disutility of $24 for each kilometre they travel to reachan amusement park. With their current technology, it costs an amusement park $12 for each customer theyhost. At present, the equilibrium price for an amusement park ticket is $36, and each firmhas a profit of $115,200. This market is best modelled as Hotelling competition. Fixed costs should be neglected. Treat this market as a one-shot game. Do not consider repetition or associated phenomena such as collusion or predatory pricing. Find the profit function for Alfonso's Wonderland for the case in which their marginal cost is $6.In Autarka 2 amusement parks, Alfonso's wonderland and Bernice's rides there are 9600 people who like to visit an amusement park. Each of these consumers wants to visit one park once. The consumers' homes are evenly spaced across the island, and they each suffer a disutility of $24 for each kilometre they travel to reachan amusement park. With their current technology, it costs an amusement park $12 for each customer theyhost. At present, the equilibrium price for an amusement park ticket is $36, and each firmhas a profit of $115,200. This market is best modelled as Hotelling competition. Fixed costs should be neglected. Treat this market as a one-shot game. Do not consider repetition or associated phenomena such as collusion or predatory pricing. Assuming the profit function for Alfonso's Wonderland is Na(Pa,Pb) = 200(PaPb - Pb^2 + 30Pb -6Pa - 144) Find their best-response function in which their marginal cost is $6.On July 1, 1965, the federal ad valorem taxes on many goods and services were eliminated. Comparing prices before and after this change, we can determine how much the price fell in response to the tax's elimination. Given an ad valorem tax of v, the tax collected on a good that sold for p was vp. If the price fell by vp when the tax was eliminated, consumers must have been bearing the full incidence of the tax. Consequently, consumers got the full benefit of removing the tax from those goods. The entire amount of the tax cut was passed on to consumers for all commodities and services that were studied for which the taxes were collected at the retail level (except admissions and club dues) and for most commodities for which excise taxes were imposed at the manufacturer level, including face powder, sterling silverware, wristwatches, and handbags (Brownlee and Perry, 1967). List the conditions (in terms of the elasticities or shapes of supply or demand curves) that are consistent with…
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