Q1. Tom and Jack are the only two local gas stations. Although they have different constant marginal costs, they both survive continued competition." Tom and Jack do not constitute.
Q2. What are price indexes designed to measure? Outline how they are construed. When GDP and other and other income figures are compared across time periods.
Q3. Habitat for an endangered sea bird called a plover that inhabits only this stretch of beach. From a CV study you know that US citizens are WTP $1,500,000/yr to preserve the plover. Based on your analysis, and your understanding of the usefulness and limitations of these benefit analyses, do you conclude that protecting the plover is efficient?