13) Suppose a certain change will generate £5,000 of benefits and £3,000 of costs. This change can best be described as (a) a potential Pareto improvement. (b) inefficient. (c) Pareto efficient. (d) equitable.
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13) Suppose a certain change will generate £5,000 of benefits and £3,000 of costs.
This change can best be described as
(a) a potential Pareto improvement.
(b) inefficient.
(c) Pareto efficient.
(d) equitable.
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Solved in 2 steps
- 1. Which of the following statements is false?a) A high-efficiency organisation would want to have fewer storage facilities to increaseresponsiveness but this practice too is known to reduce responsivenessb) Having many production sites increases cost and reduces efficiency but responsiveness tocustomer demands increases because of proximityc) A highly responsive organisation for example would want to have many storage facilitieslocated nearer to customers but this practice reduces efficiencyd) None of the aboveGive 2 examples of an economic decision wherein ; 1. The cost outweighed the benefit. 2. The benefit outweighed the cost.7, Question 7 options: The human wants for goods, services and resources exceed what is available, is known as
- Scenario: You are about to be a freshman in college. Before starting classes you need a new device to assist you through your semester. You have the option to buy from a laptop, desktop computer, electronic tablet. Budget: $ 1,400 Question: What is considered in the respective image the laptop that was good for the need of the scenario and why ??? Conclusion / Summary10 . Cost-benefit analysis A local college is deciding whether to conduct a campus beautification initiative that would involve various projects, such as planting trees and remodeling buildings, to make the campus more aesthetically pleasing. For the students of the college, the visual appearance of the campus is and . Thus, the visual appearance would be classified as a public good. Suppose the college administrators estimate that the beautification initiative will cost $38,080. To decide whether the initiative should be undertaken, administrators conduct a survey of the college's 1,830 students, asking each of them their willingness to pay for the beautification project. The average willingness to pay, as revealed by the survey, is $16. The benefit of the beautification initiative, as suggested by the survey, is . Because the estimated benefit is than the cost, the college administrators undertake the beautification initiative. The calculation of…CHOICES: a. Both statements are TRUE b. 1st statement is TRUE, 2nd is FALSE c. Both statements are FALSE d. 1st statement is FALSE, 2nd is TRUE STATEMENTS: 1. Environmental issues affect, and are affected by, economic development. 2. Inclusion of women in the design of environmental policy is important.
- Cost-Benefit Analysis A city is trying to estimate the most money it should offer to contractors as an incentive for them to finish a disruptive road project early. The transportation project lengthens transport times by 10 hours per week for 40,000 workers. Assume that all workers are paid $10 per hour in a perfectly competitive labor market. What is the most that the city should pay to the contractors as an incentive for completing the project four weeks early?a) At 200 units of the activity, marginal benefit is $__________ and marginal cost is $__________. b) Adding the 200th unit of the activity causes net benefit to __________ (increase, decrease) by $__________. c) At 700 units of the activity, marginal benefit is $__________ and marginal cost is $__________. d) Subtracting the 700th unit of the activity causes net benefit to __________ (increase, decrease) by $__________. e) The optimal level of the activity is __________units. At the optimal level of the activity, marginal benefit is $__________ and marginal cost is $__________.6 Assume that you are a rational person and that you visit a grocery store to buy bananas. Use the marginal benefit and marginal cost (utils) principle, described in Unit 1, to explain how many bananas you will ultimately buy.
- Previous Click here to go to a particular month, the total budget of a family was $3000. Out of this 600 were allocated for outings. What percent of the total budget was llocated for outings? 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.Context : The London Metro Bus is crowded for travel during peak hours. During such travel hours two daily passengers ‘James’ and ‘Robert’ enter the Metro. Luckily, two adjacent seats are free in the bus. Each of them must decide whether to sit or stand. For both, sitting alone is more comfortable than sitting next to the other person, which in turn is more comfortable than standing. Question : Assume that both ‘James’ and ‘Robert’ are altruistic, ranking outcomes according to the other person’s comfort and, out of politeness, prefer to stand than to sit if the other person stands. Model the situation as a strategic game and find any Nash equilibrium (equilibria) if it exists. Does a dominant strategy exist for either ‘James’ or ‘Robert’ with these preferences? show ALL steps and working in support to your answerChapter 12 List and discuss the steps in the consumer decision making process. provide an example of each step. List and discuss the three steps in the three perspectives on decision making Chapter 13 Describe the value equation and provide an example. Discuss what evaluative criteria is and what determinant criteria is provide an example of each, Describe 2 factors affect evaluative criteria. Describe the difference between compensatory rules an non-compensatory rules.