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Economics
Scenario: More than half of all residential water connections in Britain are not metered. Residential customers pay a flat fee regardless of usage. Scottish Water, which supplies water in Scotland, says there is no evidence that the installation of meters encourages lower than normal usage of water.
1.The Salmond family lives in a home that is not metered. The family consumes around 10,000 gallons a month. What is the family’s monthly demand curve for water, assuming that the demand curve is a straight line, and (the price is of water is £50 per 1,000 gallons) the Salmond family consumes nothing.
2.Calculate the total benefit and marginal benefit from water when the Salmond family consumes 10,000 gallons a month. What is the family’s buyer surplus?
3.Suppose that Scottish Water installs a water meter at the Salmond’s home and charges a price of £5 per 1,000 gallons. How much water would the family buy, and how much would it spend each month?
4.What is the maximum amount Scottish Water could charge the Salmond family for the consumption in question 3?
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Economics
Select a company, government agency or any other service outlet and one of its products that interest you to
study from an applied economic point of view. You are encouraged to look up articles about your chosen company
or agency utilizing such sources as Business Week, Forbes, Wall Street Journal, Marketing Communications,
Media-Scope, Advertising Age, Law Enforcement Magazines, Health Magazines, and etc. If possible, you should
visit or correspond with the company or agency, contact distributors or agents, and discuss the product(s) or
service(s) with actual or potential users. Collect economic data in the product(s) or service(s) you have
chosen.
A. At the end of this course, you should turn in a term paper that analyzes and estimates the demand of your
chosen firm’s product(s) or service(s).
B. Assume that your company or agency is concerned about near-term economic conditions and wishes to obtain a
qualitative forecast of sales or service in the upcoming quarter. Assume also that you are the market analyst
for your company or agency planning to use one or more of the leading economic indicators (LEI) published by
the US Department of Commerce to formulate your qualitative forecast. You can Google The Leading Economic
Indicator (LEI).
C. Explain how the indicator or each of the indicators might affect future sales and/or service. (For example,
if the average work week of production workers in manufacturing increased, explain the affect on your
company’s sales.) Explain which or among these indicators would be most important in formulating your
qualitative forecast.
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