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- 3. Suppose the Canada can produce cattle or corn with a given amount of resources. Below is a graphdepicting the production possibility frontier for Canada and the marginal benefit and cost of a bushel ofcorn. Discuss the relationship between the marginal cost and marginal benefit of corn and the production ofboth corn and cattle.(a) Discuss the overallocation of resources, underallocation of resources, and optimal allocation of resources. (b) When operating at the optimal level of corn production, what is the optimal level of cattle production? Whyis this the optimal amount (why not more or less cattle)?16. How prices allocate resources Suppose that there are three beachfront parcels of land available for sale in Asilomar and six people who would each like to purchase one parcel. Assume that the parcels are essentially identical and that the minimum selling price of each is $445,000. The following table states each person's willingness and ability to purchase a parcel.HighFlyer Airlines wants to build new airplanes with greatly increased cabin space. This will allow HighFlyer Airlines to give passengers more comfort and sell more tickets at a higher price. However, redesigning the cabin means rethinking many other elements of the airplane as well, like engine and luggage placement, and the most efficient shape of the plane for moving through the air. HighFlyer Airlines has developed a list of possible methods to increase cabin space, along with estimates of how these approaches would affect the planes operating costs and ticket sales. Based on these estimates, Table 13.5 shows the value of R, how much should the firm invest in R on top of the private return; that is, an R private return to HighFlyer Airlines would have a 9 social return. How much investment is socially optimal at the 6 interest rate?
- What are diminishing marginal returns?What is productive efficiency? Allocative efficiency?2. Suppose that emissions of sulfur dioxide are managed via a Cap-and-Trade policy. In this circumstance, how can an environmental group, such as Greenpeace, reduce emissions of this pollutant? Explain your answer. How would it effectively result in a reduction in emissions? What is the main obstacle for Greenpeace to achieve this? 3. Explain why a Cap-and-Trade program is more likely to be efficient than a standard. Be specific. 4. Explain why the firm’s MAC-curve is its demand curve for pollution permits.
- 16. How prices allocate resources Suppose that there are three plots of mountain resort land available for sale in Niseko and six potential buyers, each interested in purchasing one plot. Assume that all of the plots are basically indistinguishable and that the minimum selling price of each is $400,000. The following table lists each potential buyer's willingness and ability to purchase a plot of land. Person Willingness and Ability to Purchase (Dollars) Felix 550,000 Janet 480,000 Larry 420,000 Megan 380,000 Raphael 340,000 Susan 330,000 Which of these people will purchase one of the three mountain resort plots? Check all that apply. Felix Janet Larry Megan Raphael Susan Now, assume that the three mountain plots have been sold to the people that you Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.1. You are moving across town. Doing your research, you find that the average rate of a moving company is $250 per hour for a moving crew (moving truck included). The marginal benefit you receive from each hour of the movers' time (and truck) is listed in the accompanying table. Hours of movers' time Marginal Benefit ($) 1 850 2 620 3 500 4 250 5 150 6 100 7 0 8 0 A. Based on this information, you should hire movers for _______ hours, and you will receive__________($) in consumer surplus. B. Now suppose that instead of paying per hour, a moving company offers a flat rate of $1,200 for movers plus a truck for an eight hour day. If you hired this moving company and used them for the entire eight hours, how much consumer surplus would you gain? consumer surplus: $___________4. It is said that the market forces of supply and demand, which determine the equilibrim price and quantity allocated economic recources efficiently. Is this "fair" to those that at the market price cannot afford to purchase the product?
- You are moving across town. Doing your research, you find that the average rate of a moving company is $250 per hour for a moving crew (moving truck included). The marginal benefit you receive from each hour of the movers' time (and truck) is listed in the accompanying table. Based on this information, you should hire movers for ____ and you will receive ______ in consumer surplus. Hours of movers' time Marginal benefit($) 1 850 2 620 3 500 4 250 5 150 6 100 7 0 8 0 b. Now suppose that instead of paying per hour, a moving company offers a flat rate of $1,200 for movers plus a truck for an eight hour day. If you hired this moving company and used them for the entire eight hours, how much consumer surplus would you gain? consumer surplus: $ _______Which are the two key ’problems’ encountered in aggregating on the consumer side, and why it not occurs on the producer side ? Pls short answer in 15-20 SentencesPlease no written by hand and no image SEU ELITE - ECON101 Question 8 The table below shows the marginal benefit that Yahya earns from keeping his store open one more hour. Yahya has a marginal cost of $100 per hour. Yahya stays open 8 hours. Hours {:[" Marginal Benefit Per "],[" Hour "]:} 8 180 9 150 10 140 11 120 12 100 13 80 14 50 a) Do you think Yahya's decision to stay open 8 hours is optimal? Why? b) How many hours do you advise Yahya to stay open? Why?