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Question

.. , VPN 9:48 % 37% GA) ooo Back mmM Apply Ch1-4.cdf FlipView["verify numbers", "a. 4 b. 40, 10, 30 "), 1, Background -> LightBlue, FrameMargins -> 5] a. 4 b. 40, 10, 30 4. Median Voter. Consider a school-board election in which each citizen votes for the candidate whose expressed position on a school budget is closest to the citizen's preferred budget. The distribution of voter preferences is uniform, with 10 voters in each $1 budget interval from $1 to $11, for a total of 110 voters. True to their names, Penny initially proposes a small budget ($3) and Buck proposes a large budget ($9) a. For the initial positions, the outcome is l votes for Penny and [_ -] votes for Buck. Illustrate b. A unilateral deviation of +$3 by Penny would ] and change Buck's votes by [_ c. In the Nash equilibrium, Penny proposes a budget of SL__--- budget of SL-- L. Illustrate. and Buck proposes a |. Illustrate FlipView["verify numbers", "a. 55, 55 b. +15, -15 c. $6, $6"), 1, Background-> LightBlue, Frame Margins 5] a. 55, 55 b. +15, -15 c. $6, $6 5. Airbags vs. Bicyclists. Suppose that for the typical driver, the marginal benefit of driving speed is constant at MB5 utils per mph. As speed increases, the expected cost of an accident increases

Explanation / Answer

Marginal analysis involves a cost-versus-benefits comparison of various business activities. In marginal analysis, the cost of an activity is measured against incremental changes in volume to determine how the overall change in cost will affect the bottom line of a business. Marginal analysis can show the cost of additional production by a business all the way up to the break-even point. This is generally the maximum cost that a business can sustain without losing money.

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