Sam promises to pay $200 per month to a local police officer, Brenda, (who is already paid a salary by the city where the neighborhood is located) to "patrol my neighborhood while you are on duty." Brenda does the patrol of the neighborhood for several months and demands payment pursuant to the contract that was put in writing. Who wins and why?
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- Suppose that there are three beachfront parcels of land available for sale in Astoria 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 $570,000. The following table states each person's willingness and ability to purchase a parcel. Person Willingness and Ability to Purchase (Dollars) Ana 630,000 Charles 590,000 Dina 550,000 Gilberto 510,000 Juanita 500,000 Yakov 700,000 Which of these people will buy one of the three beachfront parcels? Check all that apply. Ana Charles Dina Gilberto Juanita Yakov Assume that the three beachfront parcels are sold to the people that you indicated in the previous section. Suppose that a few days after the last of those beachfront parcels is sold, another essentially identical beachfront parcel becomes available for sale at a minimum price of $560,000. This fourth parcel ____ (will,…Sharing the Surplus A farmer works on a plot of land owned by a landlord. The figure below illustrates the feasible combinations of free time and bushels of grain. Why does the farmer’s feasible frontier slope down? Why is it concave? The farmer’s reservation option is a job that pays 20 bushels of grain for 10 hours of work - this option is labeled Z in the figure. What is the name of the curve running through Z? What does this curve illustrate? Why does it have the shape it has? If the landlord knows the farmer’s feasible frontier, along with the other curve given in the figure, then they will make the take-it-or-leave-it offer implied by point X in the figure. How does this point relate to the distance between the two curves? How does this point relate to MRS and MRT? What is the (approximate) surplus in bushels under the landlord’s take-it-or-leave-it offer? How is the surplus split between the farmer and landlord? Is this allocation efficient? Is it fair? Briefly explain…The table below shows Tim's and Al's willingnesses-to-pay (marginal benefit) for each firefighter hired by their community. For example, Tim would pay $200 for 1 firefighter, and an additional $160 for a 2nd firefighter. Number ofFirefighters Tim'sWillingness to Pay Al'sWillingness to Pay 1 $200 $120 2 160 40 3 100 20 The (marginal) cost of hiring each firefighter is $120. If Tim and Al are the only two people in the society, what is the socially efficient number of firefighters?Hint: What is the total societal willingness-to-pay (marginal benefit) for each firefighter? Question 6Answer a. 1 b. 2 c. 3 d. None of the answers are correct e. Cannot be determined from the given information
- How prices allocate resources Suppose that there are three beachfront parcels of land available for sale in Astoria 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 $745,000. The following table states each person's willingness and ability to purchase a parcel. Person Willingness and Ability to Purchase (Dollars) Andrew 900,000 Beth 810,000 Darnell 770,000 Eleanor 720,000 Jacques 690,000 Kyoko 680,000 Which of these people will buy one of the three beachfront parcels? Check all that apply. Andrew Beth Darnell Eleanor Jacques Kyoko Assume that the three beachfront parcels are sold to the people that you indicated in the previous section. Suppose that a few days after the last of those beachfront parcels is sold, another essentially identical beachfront parcel becomes available for sale at a minimum…Suppose Sam is willing to pay A total of 280,000 for an apartment. True or false: keep his maximum willingness to pay for an apartment in mind, Sam will buy the apparent because it would be worth more than marketplace of 350,000True false question. Can it be efficient for one trader to consume all units of the goods while the other trader consumes nothing? In other words, does this point lie on the contract curve?
- Lane and Riley are the only two residents in a neighborhood, and they share the same driveway. They would like to have the driveway paved. The value of the paved driveway is $1,500 to Lane and $900 to Riley. Regardless of who pays for the paving both people will benefit from it. If the cost of paving the driveway is $2,000 and Lane proposes that they each pay 50 percent of this cost, then Riley ______ agree to Lane’s proposal because ______. A. will; repaving the driveway would increase total economic surplus B. will not; repaving the driveway would lower total economic surplus C. will; if they split the cost, then Riley’s economic surplus would increase D. will not; if they split the cost, then Riley’s economic surplus would decreaseTammy Hall is the mayor of a large U.S. city. She has just established the Office of Window Safety. Because windows sometimes break and spray glass shards, every window in the city will now have to pass an annual safety inspection. Property owners must pay the $5-per-window cost—and by the way, Tammy has made her nephew the new head of the Office of Window Safety. This new policy is an example of: a. Political corruption. b. Earmarks. c. Rent seeking. d. Adverse selection.The city of New Orleans has 200 advertising companies, 199 of which employ designers of normal ability at a salary of $100,000 a year. The companies that employ normal designers each collect $500,000 in revenue a year, which is just enough to ensure that each earns exactly a normal profit. The 200th company, however, employs Janus, an unusually talented designer. Because of Janus's talent, this company collects $1,000,000 in revenue a year. a. How much will Janus earn? 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.
- You are a University student who must live off-campus in the second year. There are two types of one-bedroom apartment where you prefer to live because it is near the campus. One rents for $400 per month and the other $360. According to the University Students’ Housing Bureau 80 percent of apartments in the area consists of the $400 type while the remaining 20 percent are of the $360 type. You need to visit the apartments to discover the rent. Suppose the first apartment you visit cost $400 and the opportunity cost of your visit is $6 per visit. 1. If you are risk neutral person should you visit another apartment or rent the one you have found.2. Suppose you visit another apartment and find out that it rents for $400, should you visit another apartment?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 $745,000. The following table states each person's willingness and ability to purchase a parcel. Person Willingness and Ability to Purchase (Dollars) Charles 900,000 Dina 810,000 Gilberto 770,000 Juanita 720,000 Lorenzo 690,000 Neha 680,000 Which of these people will buy one of the three beachfront parcels? Check all that apply. Charles Dina Gilberto Juanita Lorenzo Neha Assume that the three beachfront parcels are sold to the people that you indicated in the previous section. Suppose that a few days after the last of those beachfront parcels is sold, another essentially identical beachfront parcel becomes available for sale at a minimum price of $732,500. This fourth…How do I work this word problem? Ace Alexia plays professional tennis for a living, but in spite of her big first serve, she is not very successful. During the last year, Ace could have earned $75,000 as a tennis instructor at the Atlanta Tennis Club. She would have spent $7,000 on meals, paid rent on a condo in Atlanta at $800 per month, and made car payments of $300 per month. Instead, she remained a pro and won $100,000 in prize money in various tournaments around the county. In doing so, she spent $12,000 on transportation and lodging and paid her coach/trainer $10,000 for the year. She also spent $7,000 on meals, paid rent on her condo in Atlanta at $800 per month, and made the payments on her car at $300 a month. Ace's opportunity cost of playing tennis last year was?