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Management

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1. Submit only a word document. No Excel files or R files, except for question 4, see below. 2. Each answer should start on a new page and for about one page long. 3. Your answers should be understandable to a government committee whose members are not experts. Explain what you are doing. 4. How confident are you in your policy recommendation? Consider how your recommendation would have changed under different assumptions. 5. For question number 4 only, please submit the CSV file that you have used for your calculations.1. The waiting-time elasticity of the demand for subway travel on weekend has been estimated at -.6, and 150,000 trips are taken every weekend.  In order to decrease waiting time from 30 to 15 minutes the MTA (Metropolitan Transit Authority)  would have to increase its capital stock expenses by $3 million/year and its workforce by 2,000 new weekend employees, each working 16 hours per weekend.  The pay per employee is $22/hour.  If the change occurs, 1,000 taxi drivers would lose their weekend jobs, and all of them would be hired by the MTA.  A taxi driver makes $22/hour (a taxi generates $80/hour, or $20/trip on average).  The other 1,000 new employees would have otherwise been unemployed.  The minimum wage in New York is $11/hour, and any worker who is willing to work for the minimum wage can find employment.  A subway ride currently costs $2.75.  The decrease in pollution is valued at $2million/year.  Assume that the WTP of the new riders is $30/trip and the existing riders WTP for the increased frequency is $3/trip.   Should the city implement the improvement?   
2.  The US government in the past, and local governments in China today, raise revenues by selling public land. How much should the government charge for the land?  
The data below indicate that a typical Connecticut town has 19,392 residents, .037 acres of open space per resident and the market price per acre per resident is $2.04.   A developer wants to buy from the city 20 acres from TYPICAL. The city government asks you how much it should charge.    In your research you discover the estimate for the price elasticity below, and use it to estimate a constant elasticity demand curve for TYPICAL.
a.  Based on this demand curve, how much should the city charge the developer?
b.  Is it necessary to adjust this charge, either to lower it or raise it?  Explain.
    

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