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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...
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...
9. Suppose that a wood pulp mill is situated on the bank of a river. The...
9. Suppose that a wood pulp mill is situated on the bank of a river. The private marginal cost (MC) of producing wood pulp is given by the function MC- 10+0.5Y where Y is tons of wood pulp produced. In addition to this private marginal cost, an external cost is incurred. Each ton of wood pulp produces pollutant flows into the river which cause damage valued at S 10. The marginal benefit(MB) to society of each ton of produced pulp...
Suppose there were many drivers w/ diverse WTP (MB = 100- Q where Q is the...
Suppose there were many drivers w/ diverse WTP (MB = 100- Q where Q is the # beach goers) but constant private cost of $15 to get to the beach. Graph the Private Marginal Benefit, Private Marginal Cost and Social Cost Curves assuming each traveler causes $17 in external damage. Imposing a toll of $_____ would cause drivers to consume the efficient number of trips taken.
Suppose there were many drivers w/ diverse WTP (MB = 100- Q where Q is the...
Suppose there were many drivers w/ diverse WTP (MB = 100- Q where Q is the # beach goers) but constant private cost of $15 to get to the beach. Graph the Private Marginal Benefit, Private Marginal Cost and Social Cost Curves assuming each traveler causes $17 in external damage. Imposing a toll of $_____ would cause drivers to consume the efficient number of trips taken. Suppose there were many drivers w/ diverse WTP (MB= 100- Q where Q is...
4. The effect of negative externalities on the optimal quantity of consumption Consider the market for...
4. The effect of negative externalities on the optimal quantity of consumption Consider the market for paper. Suppose that a paper factory dumps toxic waste into a nearby river, creating a negative externality for those living downstream from the factory. Producing an additional ton of paper imposes a constant marginal external cost of $100 per ton. The following graph shows the demand curve and the private marginal cost (MC) curve for paper. (Note: The demand for the plant's paper is...
8) Mehnaz likes to smoke cigarettes, but the second hand smoke is a negative consumption externality...
8) Mehnaz likes to smoke cigarettes, but the second hand smoke is a negative consumption externality on the people around her. The marginal social benefit (MSB), marginal private benefit (MPB) and marginal cost (MC) curves of her smoking is drawn below. A Price of Cigarettes ($) MC MPB MSB Quantity of Cigarettes a) Using the letters indicated on the diagram, describe the areas of consumer surplus and producer surplus if the socially optimal (pareto-efficient) level of smoking occurs. b) Using...
The Great Pacific Tuna Cartel Price and cost (dollars per ton) MSC 300- 250 Eight small...
The Great Pacific Tuna Cartel Price and cost (dollars per ton) MSC 300- 250 Eight small Pacific islands with control of 5.5 million square miles of prime tuna fishing waters, have tripled the access fee for U.S. tuna fishers from $21 million to $63 million and increased monitoring of fishing in these waters. Source: The Wall Street Journal, March 20, 2013 Explain how the Pacific islands' action influences the efficiency of the use of tuna resources and illustrate your answer...
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...
Part II: Market Failure in the Passenger Airline Industry and Policy (30%) For full marks: Craphs:...
Part II: Market Failure in the Passenger Airline Industry and Policy (30%) For full marks: Craphs: Plot graphs to scale on graph paper by hand, include a figure number, title, and label all axis including correct units, be neat and tidy and put in order in the assignment. Introduce the graph with a sentence before it. 2) For algebra, use short sentences to guide the reader (SSTGR) through your work. Example: "To find the perfectly competitive market equilibrium global daily...
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...
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...
9. Suppose that a wood pulp mill is situated on the bank of a river. The private marginal cost (MC) of producing wood pulp is given by the function MC- 10+0.5Y where Y is tons of wood pulp produced. In addition to this private marginal cost, an external cost is incurred. Each ton of wood pulp produces pollutant flows into the river which cause damage valued at S 10. The marginal benefit(MB) to society of each ton of produced pulp...
4. The effect of negative externalities on the optimal quantity of consumption Consider the market for paper. Suppose that a paper factory dumps toxic waste into a nearby river, creating a negative externality for those living downstream from the factory. Producing an additional ton of paper imposes a constant marginal external cost of $100 per ton. The following graph shows the demand curve and the private marginal cost (MC) curve for paper. (Note: The demand for the plant's paper is...
8) Mehnaz likes to smoke cigarettes, but the second hand smoke is a negative consumption externality on the people around her. The marginal social benefit (MSB), marginal private benefit (MPB) and marginal cost (MC) curves of her smoking is drawn below. A Price of Cigarettes ($) MC MPB MSB Quantity of Cigarettes a) Using the letters indicated on the diagram, describe the areas of consumer surplus and producer surplus if the socially optimal (pareto-efficient) level of smoking occurs. b) Using...
The Great Pacific Tuna Cartel Price and cost (dollars per ton) MSC 300- 250 Eight small Pacific islands with control of 5.5 million square miles of prime tuna fishing waters, have tripled the access fee for U.S. tuna fishers from $21 million to $63 million and increased monitoring of fishing in these waters. Source: The Wall Street Journal, March 20, 2013 Explain how the Pacific islands' action influences the efficiency of the use of tuna resources and illustrate your answer...
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...
Part II: Market Failure in the Passenger Airline Industry and Policy (30%) For full marks: Craphs: Plot graphs to scale on graph paper by hand, include a figure number, title, and label all axis including correct units, be neat and tidy and put in order in the assignment. Introduce the graph with a sentence before it. 2) For algebra, use short sentences to guide the reader (SSTGR) through your work. Example: "To find the perfectly competitive market equilibrium global daily...
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