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Expert answer:I have questions and their answers. I want you to rewrite the aswers in your own words
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Part 1
1. Determine the following before deciding a prescription:
(a) maximize effectiveness at the least cost; Problems of this type involve variable costs and variable
effectiveness. For instance, the choice of a most favorable budget to make the most of the
accomplishment of agency objectives is a type III problem. The reaction to type III problems is called
variable-cost-variable-effectiveness examination.
(b) maximize effectiveness at a fixed cost of $10,000; When maximum acceptable budgetary
expenditure aims at fixed costs, the motto is to maximize effectiveness within the limits of existing
resources. For instance, given a fixed budget of $10,000 million for both of two programs, a health policy
forecaster will recommend the option that results in answer to type I problems.
(c) achieve a fixed-effectiveness level of 6,000 units of service at a fixed cost of $20,000; Problems of
this type engross EQUAL costs as well as equivalent effectiveness. This is the situation which pertains
Type IV problems, which are fixed cost and effectiveness analysis, are particularly not easy to solve.
Analysts are not only restricted by the requirement that costs not exceed a certain level but are also
restricted by the limitation that options satisfy a fixed level of effectiveness.
(d) maximize net benefits, assuming that each unit of service has a market price of $10; Type 2
problems are the one which are apparent. Problems of this type engage equal effectiveness and variable
costs. When the point of valued outcomes is fixed like here its $10, the aim is to lessen costs.
(e) maximize the ration of benefits to costs, assuming that each unit of service has a market price of
$10. Problems of this type involve variable costs and variable effectiveness. For instance, the choice of an
most favorable budget to make the most of the accomplishment of agency objectives is a type III problem.
The reaction to type III problems is called variable-cost-variable-effectiveness examination.
2. Determine which of the two main programs (Program I and Program II) should be selected
under each of these criteria. Justify your position.
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A. Program 2 will work out as it gives most adequate policy is one that maximize the ratio of
effectiveness in respect to the costs.
B. Program 1 as already explained when the estimates are fixed in respect to cost this program gives
best output.
C. Also over here program 1 would be very effective as Here the most adequate policy is one that
make the most of the realization of objectives while enduring within the limits of fixed
expenditure.
D. Program 1 would be very much suited in response to type II problems is called equaleffectiveness analysis, for the reason that analysts compute up to alternatives that diverge in costs
but whose effectiveness is equal. Here the most sufficient policy is one that minimizes costs while
achieve fixed levels of effectiveness.
E. Program 2 will work out as it gives most adequate policy is one that maximize the ratio of
effectiveness in respect to the costs.
3. Describe the conditions under which each criterion may be an adequate measure of the
achievement of objectives.
Type III problems- Problems of this type involve variable costs as well as variable effectiveness. For
instance, the choice of an most favorable budget to make the most of the attainment of objectives is a type
III problem. The response to type III problems is called variable-cost-variable-effectiveness analysis, for
the reason that costs and effectiveness are free to fluctuate. Here the most satisfactory policy is one that
brings out the ratio of effectiveness to expenditure.
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Part 2
2. Determine the best way to estimate the value of time. Justify your position.
Answer
To estimate value of time we calculate relative time to the travel in case of Car, Train and
Bus. The three services are analyzed for cost and time requirements (Wolff, 2011). The results
obtained were exactly as per the findings expected. For example, we can easily read and write a
book while travelling in a train but a person cannot read while driving their own car. Research
uses a dataset of 170 drivers at different prices of gasoline and distance travelled (Wolff, 2011) .
It was found that people are ready to pay higher service charge to save their time from long wait
willingness to pay to avoid waiting at the higher priced gas station, resulting in a VOT estimate
of approximately 78% of the gross wage rate (Wolff, 2011).
3. Determine the best way to estimate the cost of a gallon of gasoline. Justify your position.
Answer
Cost of gasoline is decided on the basis of several factors. Crude gasoline is imported
first and transported to the refineries. After paying the input cost to the refiner, its cost price is
calculated on the basis of wholesale prices of crude oil (Wolff, 2011). Cost of the gallon of
gasoline can be calculated with the help of fuel economy. The cost of the gasoline must be
decided on the basis of overall cost to the nation and its environment (Wolff, 2011).
4. Determine the more reliable method to estimate driving speeds and miles per gallon by
using (a) official statistics on highway traffic from the Environmental Protection Agency or
by using
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Answer
If we use official statistics published for estimating driving speeds and miles per gallon
we need to check the accidents records to estimate driving speeds and miles per gallon by a
particular vehicle (cec, 2013).
(b) Engineering studies of the efficiency of gasoline engines by the Department of Energy.
Discuss any consequences of using one source rather than another. Justify your position.
Answer
Vehicles are tested on dynamometers which run the machine without any obstruction on
a treadmill type machine and calculate the input energy provided by the burning of gasoline in
the engine and the output given by the car or an engine. Hence we will able to calculate output
given by the engine in place of input energy and its efficiency can be determined as the ratio of
output obtained to the input provided (cec, 2013). To prove this EPA created a two-wheel-drive
version of the $1.7 million, 1001-hp Bugatti Veyron this vehicle is tested for its effectiveness
and efficiency with the help of method explained here and successful in estimating the efficiency
of engine of the car (cec, 2013).
5. Estimate the value of a life saved. Justify your position.
Answer
For many purposes we want to know the value of a year of life because in many cases,
especially in health interventions, we can save a small number of years of life rather than 40
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years. However, the value of life (VSL) should presumably be related to the value of a life year
(VLY).The higher is the value of life, the higher would be the value of a life year, and vice versa.
6. Determine which policy is preferable, (a) the 55-mph speed limit or (b) the 65-mph limit.
Justify your position.
Answer
From the study of consumer energy center fuel economy of the cars are measured with respect to
various levels of speed. Results obtained are shown as below;
Fuel Economy of cars at different Speeds (cec, 2013)
From the graph drawn above if we compare the fuel economy of two speeds then it is clearly
visible that at 55mph fuel efficiency of the cars is around 30miles per gallon while for 65mph
fuel economy is around 25 miles per gallon. So it is obvious to choose 55miles per hour
preferable than 65miles per hour (cec, 2013).
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Reference
1. cec. (2013). SPEEDING AND YOUR VEHICLE’S MILEAGE. Retrieved from
http://www.consumerenergycenter.org:
http://www.consumerenergycenter.org/transportation/consumer_tips/speeding_and_mpg.
html
2. ibiblio. (2013). Did the 65 mph Speed Limit Save Lives? . Retrieved from
http://www.ibiblio.org: http://www.ibiblio.org/rdu/65-lives.html
3. Wolff, H. (2011). Value of Time: Speeding Behavior and Gasoline Prices. University of
Washington.
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