Any Economists in here?

Discussion in 'The Rumble Strip' started by hanker, Mar 16, 2006.

  1. hanker

    hanker

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    Ok mods please dont delete this, I have attempted these questions and only have part answers for them, infact im not even sure if I'm doing them right....im not asking for someone to do my homework for me (although that would be nice) Im just asking for clarification as to how to tackle them....anyone???


    Q1
    Dumpsville has a population of 100. Each resident has an identical demand for roads.
    Individual demand is: Q=50.2513-0.5025P
    Where Q is km of road and P is the price.
    The marginal cost or constructing a road is:
    MC=2500 + Q
    Since these are urban roads, charging a toll would be problematic and so they can be considered a public good.

    a) How much road should the city provide?
    b) The mayor wants to know how much she should tax the residents for the road construction. What is the answer?



    Q2
    The hog industry not only provides us with delicious bacon. Gathering very large numbers of swine together in a limited area also produces a bit of a smell and some fairly nasty waste. A particularly quantitatively orientated individual set out to determine the actual cost of the smell and waste to society at large:
    MEC=0.00005Q
    Where MEC in the marginal external cost and Q is the quantity of hogs
    The cost to the producer of raising and slaughtering the hogs is:
    MC=2+0.00017Q
    Demand for bacon and other bits of the hog is:
    P=10-0.00025Q

    a) Determine the output and price that would be produced if the hog industry is free from any government intervention.
    b) Determine the efficient quantity and prices.
     
  2. Danoff

    Danoff Premium

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    My God. You're being indoctrinated by your homework! How awful of them to mix a political agenda into what amounts to math problems.
     
  3. standard235

    standard235

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    Solving for those variables is easy.


    But I have no idea. I leave school. My brain shuts off.

    It shows in my posts. :D
     
  4. Keef

    Keef Premium

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    To begin with, the first problem doesn't tell you how much dough the city has to slang around. It tells you the demand, the cost, but not the budget. The best idea, obviously, is to give the people what they want and build all the roads. But since the problem doesn't specify the city's capacity for doing this, well, you can't solve it. But you could find the tax they would need to charge, so just say they should provide what the residents want, and then give a tax to charge. But this is pretty much when I would stop answering the way the teacher wanted it answered and give my own opinion and answer.

    What's the deal with the first two sentences in problem #2? Why didn't the writer get rid of the period, make the "G" lowercase, then slap a semicolon ( ; ) in between the "bacon" and the "gathering"? That's the correct way to write that section. That's also why I got a 650 on the writing part of th SAT. Anyway, finding the "external cost" of the pig farm is unrealistic, impractical, and fairly impossible, seeing as most of the "cost" would be psychological. Stinky **** makes people unhappy. Then crime rates go up. There's a lot of steps in between those two, but that's what happens. Try calculating that. I bet the person who did this study, if it were real, is a liberal, democtratic, artsy, fruity, San Fransisco-type person. Possibly an Enviro-Hippie. Did I mention the results would be very insignificant to society, meaning nobody would care?
    So, after that bickering, my solution to this problem would involve even more bickering. It's a stupid problem--I highlighted four reasons why-- and I think you should include these reasons in an exeedingly long response to the question. Just to annoy your teacher, so he/she has to read it all. Economics is like chemistry in my mind; they wanted to be mathematicians, but they were just a little too dumb and thickheaded, thus, they made up their own math. As a matter of fact, I think you should print this response out and hand it to your teacter, so they know that I think that question is a heap of skanky pig crap.

    Hope I helped with your homework, I think you'll get an "A". Well, if it were a debate class you would...
     
  5. hanker

    hanker

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    Keef....unfortunatly the prof only gives marks for the correct mathematical answers. Which I am having a difficult time finding out.
     
  6. Keef

    Keef Premium

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    That's why I'm not really looking forward to college. No sense of humor, no shortcuts, no "good enough"; the professors are just too professional for the most part. Do you always get obscure, annoying questions like these? If they aren't very important, I really would just ramble and tell him what I think. I still think you should print my thing out and attach it to your work. Sorry I can't help with the real answers, though.

    And, speaking of writing, you should add a dash or two to your signature, in between "original" and "mod". Just to make it more understandable at a glance. Unless you like it how it is.
     
  7. Zrow

    Zrow Premium

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    Danoff, you should see my Microeconomics teacher. He's obviously a big Libertarian, and he makes his opinions pretty known. The whole class, even the textbook, is geared toward the free market and lack of government intervention.

    I love it. In fact, I just might major in it.
     
  8. Omnis

    Omnis Staff Emeritus

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    My old world history teacher was a fascist bastard.
     
  9. Zrow

    Zrow Premium

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    My anthropology teacher is a liberal whiner. What can you do.
     
  10. Mike Rotch

    Mike Rotch Staff Emeritus

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    There are a few econometricians in the dept here, but they arent going to remember first year stuff like that :(

    My personal opinion on economic's is they same as George Bernard Shaw's, "If all economists were laid end to end, they still wouldnt reach a conclusion".

    :indoff:
     
  11. X-Othermic

    X-Othermic

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    Are you trying to confuse me!?
     
  12. Omnis

    Omnis Staff Emeritus

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    I like that one.