Homework Answers
1) Here the internal cost is $5 and marginal total cost is $7, thus the external cost is $2 (7-5). The answer is option (e).
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1. Refer to the Figure below. The external cost associated with producing the good is: The...
Refer to Figure above. You have $300 to spend on good X and good Y. If...
Refer to Figure above. You have $300 to spend on good X
and good Y. If good X costs $30 and good Y costs $50, your budget
constraint is
a. AB.
b. BC.
c. CD.
d. DE.
2. Refer to Figure above. You have $600 to spend on good
X and good Y. If good X costs $100 and good Y costs $100, your
budget constraint is
a.AB.
b. BC.
c. CD.
d. DE.
3. Based on the figure above,...
1. Say the demand curve for a good is linear, given by Q = a ā...
1. Say the demand curve for a good is linear, given by Q = a ā b(1 + t), where the producer price of the good is fixed and equal to $1, and t is the existing tax rate. (a) Determine an expression for the excess burden (EB) of the tax for this demand curve in terms of the demand parameters a and b and the tax rate t (express it as a positive amount). (5) (b) Determine an expression...
#5 75. The graphs below show the market demand and supply curves for a good in...
#5
75. The graphs below show the market demand and supply curves for a good in a perfectly competitive industry along with a representative firm's short-run average and marginal cost curves. a. Determine the equilibrium price (label Pe) and output (label Qe) in the market. b. Draw the firm's demand (label d) and marginal revenue (label MR) curve. c. Determine the profit maximizing output (label 4). Explain why this is the profit-maximizing output d. Is the firm earning a profit...
Refer to the figure below. If the price of Good A is $2 and the price...
Refer to the figure below. If the price of Good A is $2 and the
price of Good B is $6, then the rational spending rule is satisfies
when the consumer purchases ______ units of Good A and ______ units
of Good B.
Select one:
a. 1; 1
b. 2; 1
c. 4; 3
d. 3; 2
Units Marginal Utility Marginal Utility of Good A 30 27 15 8 of Good B 40 24 14
25. A consumer is currently at point A, as shown in the figure below. With the...
25. A consumer is currently at point A, as shown in the figure below. With the given budget line and indifference curve to maximize utility she should: 29, A monopolist faces a downward sloping demand curve, P-4610-13. 5.Q. The maximum total revenue lbe. A) $3935.57 B) $461.0 C) $6915 D) $922.0 30. If the price in a competitive market is S30, and the demand curve is given by the equation P = 90-3Q, then the consumer surplus will be A)...
Based on information given answer the questions below A monopolist has a demand curve given by...
Based on information given answer the questions below A monopolist has a demand curve given by P = 80 - 4Q and a total cost curve given by TC = 400. 5 The associated marginal cost curve is MC = 40. What is the monopolist's marginal revenue curve? a. MR = 70 - 4Q b. MR = 80 - 8Q c. MR = 70 - 80 d. MR = 56 - Q e. none of the above 6 And what...
The table given below reports the quantity demanded of a good by individuals 1, 2, and...
The table given below reports the quantity demanded of a good by individuals 1, 2, and 3 at different pr Table 3.1 Price per DVD Quantity Demanded 1 Quantity Demanded Quantity Demanded 2 25 15 30 35 55 23. Refer to Table 3.1. Calculate the market demand at prices $5, $4, S3, S2, and $1 respectively. a. Market demand is 30, 40, 50, 60, and 70 b. Market demand is 30, 60, 90, 120, and 150 c. Market demand is...
i need explanations 4 questions thank you 1. Suppose a human life is worth $10 million....
i
need explanations 4 questions thank you
1. Suppose a human life is worth $10 million. Installing a better lighting system in the city park would reduce the risk of someone being murdered there from 3.5 to 2.9 percent over the life of the system. The city should install the new lighting system if its cost does not exceed a. $60,000. b. $290,000 c. $350,000 d. $600,000 Figure 8-7 The vertical distance between points A and B represents a tax...
Refer to the information provided in Figure 3.7 below to answer the questions that follow $4...
Refer to the information provided in Figure 3.7 below to answer the questions that follow $4 Price of pizza B C Dz 0 ā¢D, Dā Number of plazas per month Figure 3.7 Refer to Figure 3.7. An increase in demand is represented by the movement along D2 from Point B to Point C. from D2 to Di. along D2 from Point B to Point A. from D2 to Dz. Refer to the information provided in Figure 13.3 below to answer...
1. A marginal external cost of a product is equal to A. what the producer has...
1. A marginal external cost of a product is equal to A. what the producer has to pay to hire resources to produce another unit. B. the cost someone other than the producer incurs when another unit is produced. C. what the consumer must pay when he or she buys the good or service. D. the cost the producer incurs to produce another unit. E. None of these answers describes a marginal external cost. 2. The graph shows the benefits...
Refer to Figure above. You have $300 to spend on good X
and good Y. If good X costs $30 and good Y costs $50, your budget
constraint is
a. AB.
b. BC.
c. CD.
d. DE.
2. Refer to Figure above. You have $600 to spend on good
X and good Y. If good X costs $100 and good Y costs $100, your
budget constraint is
a.AB.
b. BC.
c. CD.
d. DE.
3. Based on the figure above,...
#5
75. The graphs below show the market demand and supply curves for a good in a perfectly competitive industry along with a representative firm's short-run average and marginal cost curves. a. Determine the equilibrium price (label Pe) and output (label Qe) in the market. b. Draw the firm's demand (label d) and marginal revenue (label MR) curve. c. Determine the profit maximizing output (label 4). Explain why this is the profit-maximizing output d. Is the firm earning a profit...
Refer to the figure below. If the price of Good A is $2 and the
price of Good B is $6, then the rational spending rule is satisfies
when the consumer purchases ______ units of Good A and ______ units
of Good B.
Select one:
a. 1; 1
b. 2; 1
c. 4; 3
d. 3; 2
Units Marginal Utility Marginal Utility of Good A 30 27 15 8 of Good B 40 24 14
25. A consumer is currently at point A, as shown in the figure below. With the given budget line and indifference curve to maximize utility she should: 29, A monopolist faces a downward sloping demand curve, P-4610-13. 5.Q. The maximum total revenue lbe. A) $3935.57 B) $461.0 C) $6915 D) $922.0 30. If the price in a competitive market is S30, and the demand curve is given by the equation P = 90-3Q, then the consumer surplus will be A)...
Based on information given answer the questions below A monopolist has a demand curve given by P = 80 - 4Q and a total cost curve given by TC = 400. 5 The associated marginal cost curve is MC = 40. What is the monopolist's marginal revenue curve? a. MR = 70 - 4Q b. MR = 80 - 8Q c. MR = 70 - 80 d. MR = 56 - Q e. none of the above 6 And what...
The table given below reports the quantity demanded of a good by individuals 1, 2, and 3 at different pr Table 3.1 Price per DVD Quantity Demanded 1 Quantity Demanded Quantity Demanded 2 25 15 30 35 55 23. Refer to Table 3.1. Calculate the market demand at prices $5, $4, S3, S2, and $1 respectively. a. Market demand is 30, 40, 50, 60, and 70 b. Market demand is 30, 60, 90, 120, and 150 c. Market demand is...
i
need explanations 4 questions thank you
1. Suppose a human life is worth $10 million. Installing a better lighting system in the city park would reduce the risk of someone being murdered there from 3.5 to 2.9 percent over the life of the system. The city should install the new lighting system if its cost does not exceed a. $60,000. b. $290,000 c. $350,000 d. $600,000 Figure 8-7 The vertical distance between points A and B represents a tax...
Refer to the information provided in Figure 3.7 below to answer the questions that follow $4 Price of pizza B C Dz 0 ā¢D, Dā Number of plazas per month Figure 3.7 Refer to Figure 3.7. An increase in demand is represented by the movement along D2 from Point B to Point C. from D2 to Di. along D2 from Point B to Point A. from D2 to Dz. Refer to the information provided in Figure 13.3 below to answer...
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