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I’m working on a economics multi-part question and need support to help me learn.The demand for open space in a homogenous (in tastes) community is given by Q=400-2P, where P is the price per use of a unit (e.g. visits/acre/day) and Q is the number of units (in 1,000). The local government is now supplying 200 units of open space. It is proposed that supply should increase to 300 units. Two proposals are considered. Alternative A: An investment of $25 million during current year, with $3 million of maintenance and operating costs during each year of the project’s life. Alternative B: An investment of $20 million during current year, with $4.5 million of maintenance and operating costs during each year of the project’s life. For each proposal the project’s life span is 4 years and the discount rate is 10%. Answer the following questions: a. Very briefly state the economic rationale for the government supplying the quantity of this product (acres of open space). b. Using a graph suggest a measure for the welfare contribution of this project. Be specific! c. As an economic advisor you are asked to rank these proposals relative to their economic contribution. Compute these contributions and based on the measure(s) you used show your ranking. d. Due to demand uncertainty, it is estimated that in probability PR, annual benefits would exceed the computed ones by 15%, but with probability of (1-PR) annual benefits would fall short of the computed ones by 10%. Assume PR = 60%. Suggest an approach to account for these uncertainties and show which proposal should be accepted? e. It is claimed that each proposal will generate employment estimated at $1 million per year. Should this claim affect your ranking above? Be brief and specific! .doc file