The idea that society should produce another unit of a product if the marginal social benefit...
The idea that society should produce another unit of a product if the marginal social benefit exceeds the marginal social cost is known as the:
1,Public Welfare Guide.
2,Rational Rule for Society.
3,Optimizing Social Rule.
4,Marginal Gain Rule.
Homework Answers
4,Marginal Gain Rule.
Explanation: In marginal gain rule, the marginal cost is compared with the marginal costs in order to make a rational choice.
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The idea that society should produce another unit of a product
if the marginal social benefit...
The accopmanying graph depicts the marginal social cost (MSC) and marginal social benefit (MSB) of pollution...
The accopmanying graph depicts the marginal social cost (MSC) and marginal social benefit (MSB) of pollution emissions. 1,000 900 Move the point, P, to the point representing the optimal level of pollution. MSC 800 What is the optimal quantity of pollution? 700 Dollars metric tons 400 300 The optimal quantity of pollution is not zero because: 200 MSB O 0 1 2 3 4 5 6 Metric tons of pollution 7 8 9 10 O the marginal social cost of...
1. The marginal benefit is the (total, incremental increase in) benefit associated with an increase in...
1. The marginal benefit is the (total, incremental increase in) benefit associated with an increase in the activity. (1 point) 2. Professor Smith researches whether providing government subsidies for daycare will increase the number of women that choose to enter the labor force. Is this a microeconomic or macroeconomic question? (1 point) 3. Professor Nuñez researches whether reducing the income taxes and government spending on national defense by the same amount leads to an increase or a reduction in Gross...
Suppose the government is producing a public good. If the marginal benefit of the last unit...
Suppose the government is producing a public good. If the marginal benefit of the last unit of a public good produced is greater than the marginal cost of that unit, to achieve the efficient amount of production, what should be done? A. The government should produce more units. B. The government should cease production. C. Private firms should take over the production and sale of the good. D. Nothing because the government is already producing the efficient quantity of the...
Table: Coal Mine Pollution Quantity of Pollution (tons) Marginal Social Benefit Marginal Social Cost 0 $800...
Table: Coal Mine Pollution Quantity of Pollution (tons) Marginal Social Benefit Marginal Social Cost 0 $800 $0 1 $700 $100 2 $600 $200 3 $500 $300 4 $400 $400 5 $300 $500 6 $200 $600 7 $100 $700 8 $0 $800 Reference: Ref 16-2 Table: Coal Mine Pollution (Table: Coal Mine Pollution) Use Table: Coal Mine Pollution. The table shows the marginal social benefit and cost of various amounts of pollution from a coal mine. If 2 tons of pollution...
A TOTAL BENEFIT TOTAL COST MARGINAL BENEFIT MARGINAL COST NET BENEFIT...
A TOTAL BENEFIT TOTAL COST MARGINAL BENEFIT MARGINAL COST NET BENEFIT 0 0 _____ XX XX 0 1 _____ _____ 100 _____ 80 2 _____ 50 90 _____ _____ 3 250 _____ _____ 40 _____ 4 _____ _____ _____ 60 150 5 340 220 _____ _____ _____ What is marginal benefit for the 4th unit of the activity? The optimal level of activity is: What is the net benefit of the 5th unit of the...
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...
1. Regulations that offer imperfect answers Group of answer choices Reflect the realistic choices that society...
1. Regulations that offer imperfect answers Group of answer choices Reflect the realistic choices that society must make between imperfect markets and imperfect government intervention. Are options that should never be implemented. Will always have costs greater than their benefits. Are not consistent with utility maximization in the real world. 2. An unregulated natural monopoly is most likely to Group of answer choices Produce where marginal cost equals price. Charge a lower price than if the same product were produced...
Q11 (1 point). Tom and Jerry are the only members of society. The table below shows...
Q11 (1 point). Tom and Jerry are the only members of society. The table below shows their marginal benefits from defense satellites, a public good. What is the marginal benefit to society from the fourth satellite? O $36. O $20. O $18. O $4. Q MB to Tom MB to Jerry 0 1 50 40 2 40 32 3 30 24 4 20 16 5 10 8 Q12 (1 point). Tom and Jerry are the only members of society. The...
2. The firms in a particular competitive industry produce one unit of pollution along with each...
2. The firms in a particular competitive industry produce one unit of pollution along with each unit of their output. A government could tax the producers on each unit of their output. Alternatively, it could give cach firm a certain number of permits and allow the firms to trade permits, while requiring that they own a permit for each unit of output they produce. Possible private and social marginal cost curves (PMC and SMC) and social marginal benefit curves (SIB)...
5). Early sociologist Emile Durkheim argued that society would fall apart unless it was able to produce: 1). collective...
5). Early sociologist Emile Durkheim argued that society would fall apart unless it was able to produce: 1). collective conscience 2). division of labor 3). social facts 4).social solidarity 6). According to Emile Durkheim, which of the following terms would most closely describe the present day United States? 1). Mechanical Solidarity 2). Organic Solidarity 3). Collective Conscience 4). Social Facts 9). Which of the following would be an obstacle to studying sociology properly? 1). Inconvenient facts 2).Ethnocentrism 3). Cultural Relativism ...
The accopmanying graph depicts the marginal social cost (MSC) and marginal social benefit (MSB) of pollution emissions. 1,000 900 Move the point, P, to the point representing the optimal level of pollution. MSC 800 What is the optimal quantity of pollution? 700 Dollars metric tons 400 300 The optimal quantity of pollution is not zero because: 200 MSB O 0 1 2 3 4 5 6 Metric tons of pollution 7 8 9 10 O the marginal social cost of...
1. The marginal benefit is the (total, incremental increase in) benefit associated with an increase in the activity. (1 point) 2. Professor Smith researches whether providing government subsidies for daycare will increase the number of women that choose to enter the labor force. Is this a microeconomic or macroeconomic question? (1 point) 3. Professor Nuñez researches whether reducing the income taxes and government spending on national defense by the same amount leads to an increase or a reduction in Gross...
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...
Q11 (1 point). Tom and Jerry are the only members of society. The table below shows their marginal benefits from defense satellites, a public good. What is the marginal benefit to society from the fourth satellite? O $36. O $20. O $18. O $4. Q MB to Tom MB to Jerry 0 1 50 40 2 40 32 3 30 24 4 20 16 5 10 8 Q12 (1 point). Tom and Jerry are the only members of society. The...
2. The firms in a particular competitive industry produce one unit of pollution along with each unit of their output. A government could tax the producers on each unit of their output. Alternatively, it could give cach firm a certain number of permits and allow the firms to trade permits, while requiring that they own a permit for each unit of output they produce. Possible private and social marginal cost curves (PMC and SMC) and social marginal benefit curves (SIB)...
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