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show all your work in detail. The process of getting to the correct answer with explaining Solve the following problems from the back of our
show all your work in detail. The process of getting to the correct answer with explaining
Solve the following problems from the back of our first chapter:
1.8- Toward the end of the twentieth century, the U.S. government wanted to save money by closing a small portion of its domestic military installations. While many people agreed that saving money was a desir- able goal, people in areas potentially affected by a closing soon reacted negatively. Congress finally selected a panel whose task was to develop a list of installations to close, with the legislation specifying that Congress could not alter the list. Since the goal was to save money, why was this problem so hard to solve?
1.10- Consider the five situations described. Which one situation seems most suitable for solution by economic analysis?
(a) John has met two college students that interest him. Beth is a music major who is lots of fun to be with. Alice is a fellow engineering student, but she does not like to party. John wonders what to do.
(b) You drive periodically to the post office to send or pick up packages. The parking meters cost $1 for 15 minutes-about the time required for medium length lines. If parking fines cost $20, do you put money in the meter or not?
(c) The cost of car insurance varies widely from company to company. Should you check with several insurance companies when your policy comes up for renewal?
(d) There is a special local sales tax (*sin tax") on a variety of things that the town council would like to remove from local distribution. As a result, a store has opened up just outside the town and offers an abundance of these specific items at prices about 30% less than is charged in town. Should you shop there?
(e) One of your professors mentioned that you have a poor attendance record in her class. You won- der whether to drop the course now or wait to see how you do on the first midterm exam. Unfortu- nately, the course is required for graduation.
1.21- Suppose you are assigned the task of determining the route of a new highway through an older section of town. The highway will require that many older homes be either relocated or torn down. Two pos- sible criteria that might be used in deciding exactly where to locate the highway are:
(a) Ensure that there are benefits to those who gain from the decision and that no one is harmed by the decision.
(b) Ensure that the benefits to those who gain from the decision are greater than the losses of those who are harmed by the decision.
Which criterion will you select to use in determining the route of the highway? Explain.
1.23- You must fly to another city for a Friday meeting. If you stay until Sunday morning your ticket will be $250, rather than $800. Hotel costs are $200 per night. Compare the economics with reason- able assumptions for meal expenses. What intangible consequences may dominate the decision?
And this additional problem:
The opening vignette in chapter 1 discusses the impact of electric vehicles, though there's certainly been significant recent development in this area. Even here in Weatherford there are two electric charging stations; a Tesla charging station behind Lucille's Restaurant and an Electrify America charging station in the Walmart parking lot.
Explain how the decision making process would work for an automobile manufacturer deciding to begin manufacturing electric vehicles.
How would the National Society of Professional Engineers Code of Ethics apply in this process?
Where could ethical dilemmas arise, and what are some examples of them?
What kind of decisions and evaluative criteria would consumers be likely to use in deciding to purchase an electric vehicle rather than a vehicle with an internal combustion engine?
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