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1、SolutionsandActivitiestoCHAPTER8COST-BENEFITANALYSISQuestionsandProblems1.Anewpublicworksprojectrequires200,000hoursoflabortocomplete.a.Supposethelabormarketisperfectlycompetitiveandthemarketwageis$15.Whatistheopportunitycostofthelaboremployed?Theworkerscouldhaveearned$15(200,000)elsewhe
2、re,soworkingonthisprojectcoststhem$3,000,000inopportunitycosts.b.Supposethatthereiscurrentlyunemploymentamongworkers,andthattherearesomeworkerswhowouldwillinglyworkfor$10perhour.Whatistheopportunitycostofthelaboremployed?Doesthisvarydependingonthefractionofwould-beunemployedworkershiredf
3、ortheproject?Theopportunitycostfortheunemployedworkersisonly$10perhour;forthosewhoareemployedat$15,itis$15perhour.Thehigherthefractionofunemployedworkershiredforthisproject,thelowertheopportunitycostoflabor.Ifhalftheworkersareoth-erwiseunemployed,laborcostsare$15(100,000)+$10(100,000)=$2
4、,500,000.If90%oftheworkersareotherwiseunemployed,laborcostsare$15(20,000)+$10(180,000)=$2,100,000.c.Ifyouranswerstoaandbdiffer,explainwhy.Theopportunitycostofhiringunemployedworkersis$10perhouriftheyvaluetheirleisureat$10perhour,whichisimpliedbythestatementinbthatsomewouldbewillingtowork
5、for$10perhour.Theopportunitycostofofhiringthatunemployedworkerforthisprojectis$10perhour;the$5anhouradditionalwageisacosttothehir-ingfirm,butitisabenefit(thatis,surplus)totheworker,soitisjustatransfer.2.Howdoestheopportunitycostofagovernmentpurchasevarydependingonwhetherthemarketforthepu
6、rchasedgoodisperfectlycompetitiveormonopolistic?Theopportunitycostshouldbecalculatedastheresourcecostofproducingtheinput.Inaperfectlycompetitivemarket,thepricewillequalthemarginalresourcecost.Inamonopo-listicmarket,thepricewillbegreaterthanmarginalcost.Theopportunitycost,andthusthefigure
7、usedinacost-benefitcalculation,shouldbethemarginalcost.Theadditionalpricepaidisasurplustothesellingfirm,soitisatransfer,notanetbenefitorcost.3.Twocitycouncilorsaredebatingwhethertopursueanewproject.CouncilorMilessaysitisonly“worthit”tosocietyifsupplierslowertheircoststoth
