Homework Answers
The socially optimal quantity of output is :
Answer :- 420 units, since the value to society of the 420th unit is equal to the cost incurred by the seller of the 420th unit.
Explanation:-
When output occurs at the intersection of marginal social benefit (MSB) and marginal social cost (MSC), the socially optimal level of output is achieved.
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Figure 10-11 Price 63 Supply (private cost) 42 36 Social value (private value and external benefit)...
QUESTION 6 Figure 10-20. 450- Social Cost 400 Supply Private Costs) 250- 200- 150 100 Demand...
QUESTION 6 Figure 10-20. 450- Social Cost 400 Supply Private Costs) 250- 200- 150 100 Demand 50 100 150 200 250 300 350 400 460 500 Quantty k Save All Answers to save all answers Demand 100 50 50 100 150 200 250 300 350 400 450 500 Quantity Refer to Figure 10-20. Without government intervention O a there is no clear relationship between the equilibrium quantity and socially optimal quantity O b the equilibrium quantity equals the socially optimal...
can someone please answer all these asap? thanks alot O Social Cost in the Market for...
can someone please answer all these asap? thanks
alot
O Social Cost in the Market for a Good Price (S/unit) Social cost I 11 I III IIIII I 11 I III II V 1 Supply (private cost) - VII -- - 1 Demand (private value) 10 12 20 Quantity (units) 53. Refer to Figure 2. The graph represents a market in which a. there is no externality (b) there is a positive externality. C. there is a negative externality. d....
2. Table: The following table shows the private value, private cost, and social value for a...
2. Table: The following table shows the private value, private cost, and social value for a market with a positive externality. What is the market equilibrium quantity of output for this product? What is the socially-optimal level of output in this market? How large would a per unit subsidy need to be in this market to move the market from the equilibrium level of output to the socially-optimal level of output?
toyO Question Completion Status: QUESTION 8 1 In the case of an external cost, marginal private...
toyO Question Completion Status: QUESTION 8 1 In the case of an external cost, marginal private cost: A. and marginal social cost cannot be compared at any quantity. B. is less than marginal social cost for all quantity levels. C. is equal to marginal social cost for all quantity levels. D. is greater than marginal social cost for all quantity levels. QUESTION 9 Edgar's expected private benefit from the flu shot is $15, and it would cost him $20 to...
1 What is the price-quantity combination determined by the market? 2 What is the private benefit...
1 What is the price-quantity combination determined by the market? 2 What is the private benefit of the last unit traded in the market? 3 What is the private cost of the last unit traded in the market? 4 What is the social value of the last unit traded in the market? 5 What is the social cost of the last unit traded in the market? 6 Which quantity is socially optimal (i.e. what is the efficient quantity)? 7 What...
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...
PLEASE EXPLAIN YOUR ANSWERS. THANK YOU! If education produces positive externalities and the government does not intervene in the market, we would expect O the equilibrium price to be higher than...
PLEASE EXPLAIN YOUR ANSWERS. THANK YOU!
If education produces positive externalities and the government does not intervene in the market, we would expect O the equilibrium price to be higher than the optimal price. b. the equilibrium quantity to be lower than the optimal level. c.the equilibrium quantity to be higher than the optimal level. d. both a and b are correct Tradable pollution permits a. have prices that are set by the government. b. will be more valuable to...
Problem 2: Externality Consider the market for education. The marginal social cost of education (MSC) and...
Problem 2: Externality Consider the market for education. The marginal social cost of education (MSC) and the marginal private benefit of education (MPB) are given by the following equations where Q is the number of units of education provided per year. MSC 10+ Q MPB 100-Q You are also told that each unit of education provides an external benefit to society of $10 per unit. This external benefit is currently not being internalized in the market. a) Given the MSC...
The figure below shows supply and demand for first-aid training, based on private costs and benefits.
Problem 18-5 The figure below shows supply and demand for first-aid training, based on private costs and benefits. a. Suppose that the external benefit from first-aid training is worth $6. Graph the social benefit curve for first-aid training that accounts for the external benefit. Instructions: Use the tool provided (MBsociall and plot only the two endpoints across the entire range of output (0 - 30). b. Ignoring the social benefits of training, _______ hours of first-aid training will occur. c. The socially optimal quantity of...
2. Suppose that the private cost of gold per ounce is given by the equation $...
2. Suppose that the private cost of gold per ounce is given by the equation $ - 100 + 20 and Marginal Social Benefit for gold is given by the equation $ = 600-0.50 a. Suppose that each ounce of gold produced is accompanied by an external cost of $100 due to future impacts on a downstream laundry. i. Solve for the socially optimal quantity of gold. ii. Solve for the unregulated market quantity of gold. iii. Produce one fully...
QUESTION 6 Figure 10-20. 450- Social Cost 400 Supply Private Costs) 250- 200- 150 100 Demand 50 100 150 200 250 300 350 400 460 500 Quantty k Save All Answers to save all answers Demand 100 50 50 100 150 200 250 300 350 400 450 500 Quantity Refer to Figure 10-20. Without government intervention O a there is no clear relationship between the equilibrium quantity and socially optimal quantity O b the equilibrium quantity equals the socially optimal...
can someone please answer all these asap? thanks
alot
O Social Cost in the Market for a Good Price (S/unit) Social cost I 11 I III IIIII I 11 I III II V 1 Supply (private cost) - VII -- - 1 Demand (private value) 10 12 20 Quantity (units) 53. Refer to Figure 2. The graph represents a market in which a. there is no externality (b) there is a positive externality. C. there is a negative externality. d....
toyO Question Completion Status: QUESTION 8 1 In the case of an external cost, marginal private cost: A. and marginal social cost cannot be compared at any quantity. B. is less than marginal social cost for all quantity levels. C. is equal to marginal social cost for all quantity levels. D. is greater than marginal social cost for all quantity levels. QUESTION 9 Edgar's expected private benefit from the flu shot is $15, and it would cost him $20 to...
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...
PLEASE EXPLAIN YOUR ANSWERS. THANK YOU!
If education produces positive externalities and the government does not intervene in the market, we would expect O the equilibrium price to be higher than the optimal price. b. the equilibrium quantity to be lower than the optimal level. c.the equilibrium quantity to be higher than the optimal level. d. both a and b are correct Tradable pollution permits a. have prices that are set by the government. b. will be more valuable to...
Problem 2: Externality Consider the market for education. The marginal social cost of education (MSC) and the marginal private benefit of education (MPB) are given by the following equations where Q is the number of units of education provided per year. MSC 10+ Q MPB 100-Q You are also told that each unit of education provides an external benefit to society of $10 per unit. This external benefit is currently not being internalized in the market. a) Given the MSC...
2. Suppose that the private cost of gold per ounce is given by the equation $ - 100 + 20 and Marginal Social Benefit for gold is given by the equation $ = 600-0.50 a. Suppose that each ounce of gold produced is accompanied by an external cost of $100 due to future impacts on a downstream laundry. i. Solve for the socially optimal quantity of gold. ii. Solve for the unregulated market quantity of gold. iii. Produce one fully...
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