1. CV (compensating variation) problem - A person can better water quality throu

Question

1. CV (compensating variation) problem
- A person can better water quality through a program. However, the person's willingness to pay for cv of 5 water quality and cv of 1 water quality is the same. Draw indifference graph for this person.

2. Labor
- There are 4 million students. 1 million of them are willing to work and get paid, and 3 million of them are just students. Due to government new policy, all these 4 millions students have to serve military service. Before the policy, the wage was $7.25 but after, it's $9.

1. What is Social Opportunity Cost of this labor market?
2. Show on the graph when 3 million students do work and do not work
3. What information is needed to calculate accurate area from the graph?

Explanation / Answer

Two kg of water at 200 kPa with a quality of 0. 15 is heated at constant pressure to 200 degree C by a source at 500 degree C. Determine; the entropy change for the water, the entropy change for the

surroundings, the total entropy generated. A mass of 5 kg of air contained in a cylinder at 1. 5 MPa at 1000K.

expands to a volume of 10 times larger; in a reversible isothermal process, in a reversible and

adiabatic process. the surroundings are also at 1000K. Use constant specific heats of CP, air

= 1. 004 kJ. kg. K and Cv, air - 0. 717 kJ/kg. K

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