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Econ 374 Assignment 1

# Econ 374 Assignment 1 - FRE/ECON374 Land Economics Problem...

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FRE/ECON374 Land Economic s Problem Set 1 (100 Points) Due: 19 th September 2011 at 11 AM. Instructions: a) Please answer all three questions below. They carry equal weight. b) Problem sets are to be handed in at the beginning of class at 11 AM, Monday, September 19 th 2011. Please do not upload your problem sets in vista. If you do, they will not be graded. c) Any problem set received after the time it is due will not be graded. d) Please label and mark all graphs clearly (if applicable). Questions: Question 1. A new bridge over the Fraser River is being considered by the province of British Columbia. A report evaluates the willingness-to-pay for the to be the following. It finds that on average 30% of the population has an inverse demand given by: p = 80 – Q, where p is measured in cents, and Q represent the number of trips they would take over the bridge. The report finds that 40% of the population has an inverse demand: p = 100 – 2Q, where once again Q represents the number of trips they would take. The remaining 30% will never use the bridge and have no

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