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Preperation for final, please help answer all 3 parts!
The demand curve for flowers is P...
We are considering a market with marginal cost of P=100+2Q and a demand of P=500-2Q. Use...
We are considering a market with marginal cost of P=100+2Q and a demand of P=500-2Q. Use that information to answer the following questions. a. Find the market equilibrium (price and quantity in the market). b. Find producer and consumer surplus. c. Now imagine production of this good created a negative externality of 1$ per unit of output. Find the socially optimal outcome (price and quantity) taking this externality into account. d. Find consumer and producer surplus at the socially efficient...
3. The demand in a market is Q (P) 150-3P. The supply in the market is...
3. The demand in a market is Q (P) 150-3P. The supply in the market is QS(P)- 3P- 30 (a) Find the competitive equilibrium in the market (P*, Q*) (b) Determine the levels of Consumer, Producer and Total Surplus in the competitive equilibrium (c) Consumption of the good leads to a negative externality. The external marginal benefit function is mbeQw . Draw a graph that shows the Demand, Supply and the Social Marginal Benefits. where measures units consumed in the...
3) Assume that the market for energy efficient window installations in San Diego is perfectly competitive. Quarterly inverse supply and inverse demand are: P 1200 3Q (Private MB) P 440Qs (Private...
3) Assume that the market for energy efficient window installations in San Diego is perfectly competitive. Quarterly inverse supply and inverse demand are: P 1200 3Q (Private MB) P 440Qs (Private MC) neighbors (lowering the overall price of electricity, reducing pollution, and so on) These external benefits to consumers are estimated to be EMB 2Q (the more windows installed, the more external benefit to installing more windows). a) Find the equilibrium price and quantity that will be produced in a...
5) (28 points) Suppose the demand and supply for flu shots are given by pd =...
5) (28 points) Suppose the demand and supply for flu shots are given by pd = 1200-Q ps = 440 + Q Suppose flu shots generate a positive externality, and the marginal external benefit (MEB) is MEB=60 -0.050. (a) Derive the marginal social benefit (MSB) curve. (b) Draw the Demand, Supply, and MSB curves on the same graph (with P on the vertical axis and Q on the horizontal axis) and clearly indicate the curves in your graph. (c) Calculate...
Suppose that leather is sold in a perfectly competitive industry. The industry short-run supply curve (marginal...
Suppose that leather is sold in a perfectly competitive industry. The industry short-run supply curve (marginal cost curve) is P = MC = 3Q. The demand for leather hides is given by Q = 60 − P. a. Find the equilibrium market price and quantity. b. Suppose that the leather tanning releases bad stuff into waterways. The external marginal cost is $5 per unit. Calculate the socially optimal level of output and price for the tanning industry. c. What are...
Suppose that leather is sold in a perfectly competitive industry. The industry short-run supply curve (marginal...
Suppose that leather is sold in a perfectly competitive industry. The industry short-run supply curve (marginal cost curve) is P = MC = 3Q. The demand for leather hides is given by Q = 60 − P. a. Find the equilibrium market price and quantity. b. Suppose that the leather tanning releases bad stuff into waterways. The external marginal cost is $5 per unit. Calculate the socially optimal level of output and price for the tanning industry. c. What are...
1. For each of the following situations draw the Demand and Supply for a competitive market....
1. For each of the following situations draw the Demand and Supply for a competitive market. Show the Social Marginal Benefit and Social Marginal Cost curves and explain whether the presence of the externality leads to a competitive market equilibrium with too much or too little production relative to the socially optimal outcome. (a) A negative externality associated with production. (b) A negative externality associated with consumption (c) A positive externality associated with consumption. 2. Consider a downward-sloping market demand...
PART TWO. Answer the following problems in the space provided. Please show your work in an...
PART TWO. Answer the following problems in the space provided. Please show your work in an organized way with clearly labeled graphs should if you choose to use any. Total 80 Points. 5. Suppose that the market for a certain good has a demand of P 80 -Q. The aggregate private marginal cost for the firms that produce the good faces is MC = 3Q + 20. However, production of the good also creates pollution with a marginal external cost...
Suppose the demand (i.e. the private marginal benefit) for industrial grade stink bombs is given by...
Suppose the demand (i.e. the private marginal benefit) for industrial grade stink bombs is given by P=300-2Q and supply (i.e. the private marginal cost) for is given by P=Q. Also, suppose that the marginal external damage of consuming this product is $60 per stink bomb. a. What is the equilibrium quantity of stink bombs sold and consumed? b. What is the socially optimal equilibrium quantity of stink bombs sold and consumed? c. Considering your answers to (a) and (b), are...
In a market, demand is given by P = 100 − Q and the (private) marginal...
In a market, demand is given by P = 100 − Q and the (private) marginal cost of production for the aggregation of all firms (the industry supply curve) is given by MC = Q. Pollution by the industry creates external damages given by the (constant) marginal external cost curve MEC = 30. (a) Calculate the output and price of if the industry operates under competitive conditions without regulation. (b) Calculate the socially efficient price and output of the industry...
3. The demand in a market is Q (P) 150-3P. The supply in the market is QS(P)- 3P- 30 (a) Find the competitive equilibrium in the market (P*, Q*) (b) Determine the levels of Consumer, Producer and Total Surplus in the competitive equilibrium (c) Consumption of the good leads to a negative externality. The external marginal benefit function is mbeQw . Draw a graph that shows the Demand, Supply and the Social Marginal Benefits. where measures units consumed in the...
3) Assume that the market for energy efficient window installations in San Diego is perfectly competitive. Quarterly inverse supply and inverse demand are: P 1200 3Q (Private MB) P 440Qs (Private MC) neighbors (lowering the overall price of electricity, reducing pollution, and so on) These external benefits to consumers are estimated to be EMB 2Q (the more windows installed, the more external benefit to installing more windows). a) Find the equilibrium price and quantity that will be produced in a...
5) (28 points) Suppose the demand and supply for flu shots are given by pd = 1200-Q ps = 440 + Q Suppose flu shots generate a positive externality, and the marginal external benefit (MEB) is MEB=60 -0.050. (a) Derive the marginal social benefit (MSB) curve. (b) Draw the Demand, Supply, and MSB curves on the same graph (with P on the vertical axis and Q on the horizontal axis) and clearly indicate the curves in your graph. (c) Calculate...
1. For each of the following situations draw the Demand and Supply for a competitive market. Show the Social Marginal Benefit and Social Marginal Cost curves and explain whether the presence of the externality leads to a competitive market equilibrium with too much or too little production relative to the socially optimal outcome. (a) A negative externality associated with production. (b) A negative externality associated with consumption (c) A positive externality associated with consumption. 2. Consider a downward-sloping market demand...
PART TWO. Answer the following problems in the space provided. Please show your work in an organized way with clearly labeled graphs should if you choose to use any. Total 80 Points. 5. Suppose that the market for a certain good has a demand of P 80 -Q. The aggregate private marginal cost for the firms that produce the good faces is MC = 3Q + 20. However, production of the good also creates pollution with a marginal external cost...
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