Homework Answers
The socially efficient number of DVC is 4,000.
(This is because socially efficient quantity occurs at that point
where Marginal Social Cost = Marginal Social Benefit which is 80 in
this case.)
$80 per course.
(At $80, efficient quantity of students will attend the DVC. So,
the government should set the price at $80)
Add Answer to:
Marginal Sociauantity Marginal Marginal Private benefit Cost (dollars (number of Social per course) 100 80 60...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10,000 $9,000 $8,000 $7,000 PRICE OF TUITION $6,000 $5,000 $4,000 $3,000 $2,000 1,000 1,500 2,000 4,000 4,500 5,000 2,500 3,000 3,500 STUDENTS PER YEAR a) If colleges were private...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10.000 59.000 58.000 I 57.000 PRICE OF TUITION 56 000 55.000 54.000 53.000 $2.000 1.000 1.500 2,000 4,000 4,500 5.000 2,500 3.000 3,500 STUDENTS PER YEAR a) If colleges...
Marginal Marginal private cost external cost social cost Marginal Quantity (tons of paper) (dollars) (dollars) (dollars)...
Marginal Marginal private cost external cost social cost Marginal Quantity (tons of paper) (dollars) (dollars) (dollars) 100 10 5 200 20 10 300 30 15 400 40 20 500 50 25 1) The table above gives the private costs and external costs of producing paper. Complete the table by finding the marginal social cost at each level of production. b. If the market is al competitive and is left unregulated and 400 tons of paper are produced, what is the...
The graph shows the marginal private benefit from design school education. The marginal cost of this...
The graph shows the marginal private benefit from design school education. The marginal cost of this education is a constant $12,000 a year. The marginal external benefit from a design school education is $4,000 per student per year. Suppose the government decides to provide public design schools. Price and cost (thousands of dollars) 28- Draw the marginal cost curve. Label it MC. Draw the marginal social benefit curve. Label it MSB. Draw a line that shows the tuition that schools...
Q4 (1 point). The figure below shows the marginal social benefit, marginal private cost and marginal...
Q4 (1 point). The figure below shows the marginal social benefit, marginal private cost and marginal social cost of producing steel. If the market is competitive and unregulated, how much steel will be produced? oo tons O 2 tons О 4 tons O 8 tons 250 MSC 6200 S = MC Price and cost (dollars per ton of steel) 150 100 50 o 2 D- MSB 6 8 10 Quantity (tons of steel per week) Activate Windows Go to Settings...
Figure 1 shows the marginal private benefit from college education at an Imaginary college. The marginal...
Figure 1 shows the marginal private benefit from college education at an Imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10,000 $9,000 SHOP $7,000 PRICE OF TUMON 56,000 $5,000 $4.000 $3.000 52,000 1.000 1.500 4,000 4,500 2,500 3.500 STUDENTS PER YEAR 5.000 a) If colleges were private and government had no involvement in college...
Price and cost (thousands of dollars per student per yees) The graph shows the demand for...
Price and cost (thousands of dollars per student per yees) The graph shows the demand for college education. The marginal cost of this education is $5,000 a year and the marginal external benefit is $1,000 per student per year. All colleges are private and the government offers vouchers to those who enroll at a college. Draw the marginal social benefit curve. Label it MSB. Draw an arrow at the efficient number of students that shows the value of the voucher...
Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal...
Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10,000 $9,000 $8,000 57,000 PRICE OF TUITION $6,000 $5,000 $4,000 $3,000 $2.000 1.000 1,500 2.000 2.500 3.000 3,500 STUDENTS PER YEAR 4,000 4,500 5.000 a) If colleges were private and government had no involvement...
Price per unit S (Marginal cost) H с B X A D (Marginal benefit) F E...
Price per unit S (Marginal cost) H с B X A D (Marginal benefit) F E Quantity (per period) The figure above shows a market failure. Based on the figure, what is true if production is at level G? Price is equal to marginal cost and greater than marginal benefit. Marginal benefit is equal to marginal cost. Marginal benefit is less than marginal cost. Marginal benefit is greater than marginal cost. QUESTION 62 с Price per unit $25 and marginal...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10,000 59,000 58,000 57,000 PRICE OF TUITION 56,000 5,000 54000 $3,000 $2,000 1,000 1,500 2,000 4,000 4.500 2.500 3.000 3,500 STUDENTS PER YEAR 5.000 a) If colleges were private...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10,000 $9,000 $8,000 $7,000 PRICE OF TUITION $6,000 $5,000 $4,000 $3,000 $2,000 1,000 1,500 2,000 4,000 4,500 5,000 2,500 3,000 3,500 STUDENTS PER YEAR a) If colleges were private...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10.000 59.000 58.000 I 57.000 PRICE OF TUITION 56 000 55.000 54.000 53.000 $2.000 1.000 1.500 2,000 4,000 4,500 5.000 2,500 3.000 3,500 STUDENTS PER YEAR a) If colleges...
Marginal Marginal private cost external cost social cost Marginal Quantity (tons of paper) (dollars) (dollars) (dollars) 100 10 5 200 20 10 300 30 15 400 40 20 500 50 25 1) The table above gives the private costs and external costs of producing paper. Complete the table by finding the marginal social cost at each level of production. b. If the market is al competitive and is left unregulated and 400 tons of paper are produced, what is the...
The graph shows the marginal private benefit from design school education. The marginal cost of this education is a constant $12,000 a year. The marginal external benefit from a design school education is $4,000 per student per year. Suppose the government decides to provide public design schools. Price and cost (thousands of dollars) 28- Draw the marginal cost curve. Label it MC. Draw the marginal social benefit curve. Label it MSB. Draw a line that shows the tuition that schools...
Q4 (1 point). The figure below shows the marginal social benefit, marginal private cost and marginal social cost of producing steel. If the market is competitive and unregulated, how much steel will be produced? oo tons O 2 tons О 4 tons O 8 tons 250 MSC 6200 S = MC Price and cost (dollars per ton of steel) 150 100 50 o 2 D- MSB 6 8 10 Quantity (tons of steel per week) Activate Windows Go to Settings...
Figure 1 shows the marginal private benefit from college education at an Imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10,000 $9,000 SHOP $7,000 PRICE OF TUMON 56,000 $5,000 $4.000 $3.000 52,000 1.000 1.500 4,000 4,500 2,500 3.500 STUDENTS PER YEAR 5.000 a) If colleges were private and government had no involvement in college...
Price and cost (thousands of dollars per student per yees) The graph shows the demand for college education. The marginal cost of this education is $5,000 a year and the marginal external benefit is $1,000 per student per year. All colleges are private and the government offers vouchers to those who enroll at a college. Draw the marginal social benefit curve. Label it MSB. Draw an arrow at the efficient number of students that shows the value of the voucher...
Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10,000 $9,000 $8,000 57,000 PRICE OF TUITION $6,000 $5,000 $4,000 $3,000 $2.000 1.000 1,500 2.000 2.500 3.000 3,500 STUDENTS PER YEAR 4,000 4,500 5.000 a) If colleges were private and government had no involvement...
Price per unit S (Marginal cost) H с B X A D (Marginal benefit) F E Quantity (per period) The figure above shows a market failure. Based on the figure, what is true if production is at level G? Price is equal to marginal cost and greater than marginal benefit. Marginal benefit is equal to marginal cost. Marginal benefit is less than marginal cost. Marginal benefit is greater than marginal cost. QUESTION 62 с Price per unit $25 and marginal...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10,000 59,000 58,000 57,000 PRICE OF TUITION 56,000 5,000 54000 $3,000 $2,000 1,000 1,500 2,000 4,000 4.500 2.500 3.000 3,500 STUDENTS PER YEAR 5.000 a) If colleges were private...
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