Homework Answers
At socially optimal level
Marginal Extenal Cost + Marginal Internal Cost = Demand
21Q+9Q = 210-5Q
30Q+5Q = 210
Q = 210/35 = 6 units.
Therefore (d) 6 is the answer to this question
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1 pts Assume that the internal marginal cost of producing coal is Minternal 21Q and the...
he external marginal cost of producing coal is MCexternal = 25Q while the internal marginal cost...
he external marginal cost of producing coal is MCexternal = 25Q while the internal marginal cost is MCinternal = 20Q. The inverse demand is given by P = 500 - 5Q. If the government taxed output at $100 per unit,what would a competitive industry produce? Select one: a. 16. b. 10. c. 20. d. 24 e. 14.
Which of the following statements is correct regarding the Sweezy model of oligopoly? Competitors match price...
Which of the following statements is correct regarding the Sweezy model of oligopoly? Competitors match price increases but do not match price decreases. The flatter portion of the demand curve corresponds to the quantity range where competitors match price changes. The firm faces more elastic demand when it lowers its price than when it raises its price. None of the statements listed is correct. The marginal revenue curve of the firm is horizontal. Question 22 1 pts Assume that the...
You are an industry analyst that specializes in an industry where the market inverse demand is...
You are an industry analyst that specializes in an industry where the market inverse demand is P = 300 - 5Q. The external marginal cost of producing the product is MCExternal = 8Q, and the internal cost is MCInternal = 14Q. a. What is the socially efficient level of output? ______ units b. Given these costs and market demand, how much output would a competitive industry produce? ______ units c. Given these costs and market demand, how much output would...
Problem M6-01
You are an industry analyst who specializes in an industry where the market inverse demand is P = 200 - 4Q. The external marginal cost of producing the product is MCExternal= 6Q, and the internal cost is MCInternal = 12Q.a. What is the socially efficient level of output?b. Given these costs and market demand, how much output would a competitive industry produce?c. Given these costs and market demand, how much output would a monopolist produce?d. Discuss actions the government might...
You are an industry analyst that specializes in an industry where the market inverse demand is...
You are an industry analyst that specializes in an industry where the market inverse demand is P = 100 - 2Q. The external marginal cost of producing the product is MCExternal = 8Q, and the internal cost is MCInternal = 18Q. Instructions: Enter your responses rounded to the nearest two decimal places. a. What is the socially efficient level of output? _____units b. Given these costs and market demand, how much output would a competitive industry produce? ____units c. Given...
1.2.3.4. 1.With an upward sloping marginal damage cost curve that starts at the origin, total damages...
1.2.3.4.
1.With an upward sloping marginal damage cost curve that starts
at the origin, total damages for 20 units of emissions are equal to
the marginal damage cost of the 20th unit times 20.
A.True
B .False
In the following figure, social MWTP equals private MWTP plus external benefits from production. In this market, the socially efficient level of output is P MSC MPC Social MWTP Private MWTP none of the choices are correct Q3 In the following figure, the...
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...
You are an industry analyst that specializes in an industry where the market inverse demand is...
You are an industry analyst that specializes in an industry where the market inverse demand is P = 250 - 6Q. The external marginal cost of producing the product is MCExternal = 8Q, and the internal cost is MCInternal = 14Q. Instructions: Enter your responses rounded to the nearest two decimal places. a. What is the socially efficient level of output? units b. Given these costs and market demand, how much output would a competitive industry produce? units c. Given...
1. A monopoly is facing an inverse demand curve that is p=200-5q. There is no fixed cost and the marginal cost of produc...
1. A monopoly is facing an inverse demand curve that is
p=200-5q. There is no fixed cost and the marginal cost of
production is given and it is equal to 50.
Find the total revenue function.
Find marginal revenue (MR).
Draw a graph showing inverse demand, MR, and marginal cost
(MC).
Find the quantity (q) that maximizes the profit.
Find price (p) that maximizes the profit.
Find total cost (TC), total revenue (TR), and profit made by
this firm.
Find...
4. In a market for dry cleaning, the inverse market demand function is given by P=160-10...
4. In a market for dry cleaning, the inverse market demand function is given by P=160-10 and the (private) marginal cost of production for the aggregation of all dry dleaning firms is given by MC- 10+1Q. Finally, the pollution generated by the dry cleaning process creates external damages given by the marginal external cost curve MEC 1Q Calculate the output and price of dry cleaning if it is produced under competitive cond tions without regulation. The competitive equilbrium quanity is...
Which of the following statements is correct regarding the Sweezy model of oligopoly? Competitors match price increases but do not match price decreases. The flatter portion of the demand curve corresponds to the quantity range where competitors match price changes. The firm faces more elastic demand when it lowers its price than when it raises its price. None of the statements listed is correct. The marginal revenue curve of the firm is horizontal. Question 22 1 pts Assume that the...
1.2.3.4.
1.With an upward sloping marginal damage cost curve that starts
at the origin, total damages for 20 units of emissions are equal to
the marginal damage cost of the 20th unit times 20.
A.True
B .False
In the following figure, social MWTP equals private MWTP plus external benefits from production. In this market, the socially efficient level of output is P MSC MPC Social MWTP Private MWTP none of the choices are correct Q3 In the following figure, the...
1. A monopoly is facing an inverse demand curve that is
p=200-5q. There is no fixed cost and the marginal cost of
production is given and it is equal to 50.
Find the total revenue function.
Find marginal revenue (MR).
Draw a graph showing inverse demand, MR, and marginal cost
(MC).
Find the quantity (q) that maximizes the profit.
Find price (p) that maximizes the profit.
Find total cost (TC), total revenue (TR), and profit made by
this firm.
Find...
4. In a market for dry cleaning, the inverse market demand function is given by P=160-10 and the (private) marginal cost of production for the aggregation of all dry dleaning firms is given by MC- 10+1Q. Finally, the pollution generated by the dry cleaning process creates external damages given by the marginal external cost curve MEC 1Q Calculate the output and price of dry cleaning if it is produced under competitive cond tions without regulation. The competitive equilbrium quanity is...
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