Homework Answers
24.
Ans: c.
Explanation:
Since social marginal benefit > private marginal benefit, there are positive externalities.
Positive externality = SMB = PMB = 30.
25.
Ans: a.
Explanation:
Market equilibrium: PMB = MC
Q = 100
P = 40.
Social equilibrium: SMB = MC
Q = 130
P = 50.
Deadweight loss = 0.5(70 - 40)(130 - 100) = 450.
26.
Ans: a.
Explanation:
When production is increased from 100 to 130,
net benefit = deadweight loss (with quantity of 100) = 450 = 1800 - 1350.
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