Price Quantity demanded Quantity supplied 1 700 300 2 600 400 3 500 500 4 400...
|
Price |
Quantity demanded |
Quantity supplied |
|
1 |
700 |
300 |
|
2 |
600 |
400 |
|
3 |
500 |
500 |
|
4 |
400 |
600 |
|
5 |
300 |
700 |
|
6 |
200 |
800 |
|
7 |
100 |
900 |
|
8 |
0 |
1000 |
Suppose that the production of good X generates external value of $3 per unit (due to lowering production of cost of another good Y) for the economy. What is the value of the appropriate corrective tax or subsidy?
|
a) Subsidy - $3 |
|
|
b) Subsidy - $2 |
|
|
c) Tax - $3 |
|
|
d) Tax - $2 |
Homework Answers
Answer
Option a
Subsidy - $3
The corrective is a subsidy as the firm is having positive
externality and that should be equal to the external value and that
is $3
Add Answer to:
Price
Quantity demanded
Quantity supplied
1
700
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600
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3
500
500
4
400...
Consider a hypothetical market for good X using the information below. Price Quantity demanded Quantity supplied...
Consider a hypothetical market for good X using the information below. Price Quantity demanded Quantity supplied 700 300 600 400 500 500 400 600 300 700 200 800 100 900 0 1000 Suppose that the production of good X generates pollution in the form of chemical runoff and that the pollution imposes a $4 cost on society for each gallon of good X produced. What is the optimal quantity of good X production? Does the market overproduce or underproduce? O...
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