Exam (elaborations)
Econ 360 Quiz 2 (1)
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- Elizabethan Theatre Vocabulary
Exam of 3 pages for the course Elizabethan Theatre Vocabulary at Elizabethan Theatre Vocabulary (Econ 360 Quiz 2 (1))
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Econ 360 Quiz 2Suppose the state is trying to decide how many miles of a very scenic river it should preserve.
There are 100 people in the community, each of whom has an identical inverse demand function
(marginal benefit) given by P = 10 - 1.0q, where q is the number of miles preserved and P is the
per-mile price he or she is willing to pay for q miles of preserved river. The aggregate inverse
demand or aggregate marginal benefit is
P= _______________________- ____________________*q.
Hint: Don't use thousands separators. - ANS-1000, 100
Suppose the state is trying to decide how many miles of a very scenic river it should preserve.
There are 100 people in the community, each of whom has an identical inverse demand function
(marginal benefit) given by P = 10 - 1.0q, where q is the number of miles preserved and P is the
per-mile price he or she is willing to pay for q miles of preserved river. If the marginal cost of
preservation is $500 per mile, _________________ miles would be preserved in an efficient
allocation. The economic surplus at the efficient (or socially optimal) miles is
$____________________. Hint. Don't use thousands separators. - ANS-5, 1250
A property right structure such that no one owns or exercises control over the resources is
called: ______________________ regimes. A property right structure such that a property is
jointly owned and managed by a specific group is called: ____________________ regimes.
Hint: no dash but space. - ANS-open access, Common property
do not use Res nullius instead of open access
The ________________ theorem states: As long as negotiation costs are negligible and
affected consumers can negotiate freely with each other, the court could allocate the entitlement
to either party, and an efficient allocation would result. - ANS-Coase
make sure you capitalize
Five fishermen live in a village and have no other employment or income earning possibilities
besides fishing. They each own a boat that is suitable for fishing, but does not have any resale
value. Fish are worth $5 per pound and the marginal cost of operating the boat is $500 per
month. They all fish in a river next to the village, and they have determined that when there are
more of them out there on the river fishing, they each catch less fish per month according to the
following schedule:
Boats Fish Caught Per Boat (Pounds)
1 200
2 190
3 175
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