3. As an economist, you have been assigned a task by the Lahore Cantonment Board to propose a project to solve the problem of Dengue Mosquitos in the Cantt area of Lahore. You have also been asked to supervise a Benefit-Cost Analysis of this project. What kind of project would you propose and briefly explain what techniques would you use to estimate benefits for this project?

3. As an economist, you have been assigned a task by the Lahore Cantonment Board to propose a project to solve the problem of Dengue Mosquitos in the Cantt area of Lahore. You have also been asked to supervise a Benefit-Cost Analysis of this project. What kind of project would you propose and briefly explain what techniques would you use to estimate benefits for this project?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 3PA

See similar textbooks

Similar questions

4. 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 $92,800. To decide whether the initiative should be undertaken, administrators conduct a survey of the college's 2,250 students, asking each of them their willingness to pay for the beautification project. The average willingness to pay, as revealed by the survey, is $28. 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 the…
1 As a principal trying to determine whether to spend $20 per student for access to an online textbook program, all I need to know is whether the marginal benefit for each student is greater than $20. Explain.
1-4 Suppose the price of a sweater is $25. Matthew’s total benefit from purchasing each additional sweater is given in the table below. If Matthew is behaving rationally, how many sweaters will he purchase? Draw a graph of the total benefit and marginal benefit schedule.?
10 - You were planning to spend Saturday working at your part-time job, but a friend asks you to go skiing. What is the true cost of going skiing? Now suppose that you had been planning to spend the day studying at the library. What is the cost of going skiing in this case? (Answer the question according to the definition of opportunity cost.) (5 points)
Complete the following table and answer the accompanying questions. Control Variable Q Total Benefits B(Q) Total Cost C(Q) Net Benefits Benefits N(Q) Marginal Benefit MB(Q) Marginal Cost MC(Q) Marginal Net Benefit MNB(Q) 100 1,200 950 210 60 101 1,400 70 102 1,590 80 103 1,770 90 104 1,940 100 105 2,100 110 106 2,250 120 107 2,390 130 108 2,520 140 109 2,640 150 110 2,750 160 a. At what level of the control variable are net benefits maximized? b. What is the relation between marginal benefit and marginal cost at this level of the variable? multiple choice Marginal cost is much smaller than marginal benefit. Marginal cost is slightly larger than marginal benefit. Marginal cost is slightly smaller than marginal benefit. Marginal cost is much larger than marginal benefit
10- Which of the following deals with Lionel Robbins definition of economics? a. behavior associated with using limited and scarce resources. b. None of these c. the distribution of surplus goods to those in need. d. ways to reduce wants to remove the problem of scarcity.
3. The Centers for Disease Control and Prevention (CDC) has a new vaccine against a disease and are trying to determine the optimal percentage of the population that should be vaccinated. They do not recommend vaccinating the whole population against the smallpox virus because the vaccine has undesirable, and sometimes fatal, side effects. Suppose the following table gives the data about the effects of the vaccine. a. Calculate the Marginal Benefit (in terms of how many extra lives are saved by the vaccine) and the marginal cost (in terms of how many extra lives are lost due to side effects) of each 10% increment of the vaccination. Write your answers on the appropriate columns above. b. Using marginal thinking, determine the optimal percentage of the population that should be vaccinated. Explain your answer.
1. Describe economics as the study of "choice" and "scarcity".