According to Walton and Rockoff, the primary reason the Federal government failed to build an adequate highway system before the Civil War was
a. the technology was not available.
b. the canal craze diverted attention.
c. rivalries among different sections of the country stalled legislation.
d. the teachings of Adam Smith were taken too literally.
c. rivalries among different sections of the country stalled legislation.
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You are given the following market data for Venus automobiles in Saturnia
Demand: P = 35,000 - 0.5Q Supply: P = 8,000 + 0.25Q where P = Price and Q = Quantity. a. Calculate the equilibrium price and quantity. b. Calculate the consumer surplus in this market. c. Calculate the producer surplus in this market.
Kara and Kyle are competing sockeye salmon fishers. Both have been allocated ITQs that limit their catch to 2,000 tons of sockeye salmon each. Kara's cost per ton is $8; Kyle's cost per ton is $12. Refer to the information given. If the market
price of sockeye salmon is $15 per ton, what is the minimum amount per ton that Kara would have to offer Kyle to convince him to sell Kara his ITQs? A. $3. B. $4. C. $5. D. $7.