Don't use chatgpt..... Consider a situation where Ron (R) and Nancy (N) havedemands for a public good that can be represented bythe following functions:D_R: Q R = 90 - 2P_R-D_N: Q_N = 120 - 2P_NIf Ron and Nancy are the only two consumers of thispublic good and the supply function for the good is:S: Q = 5 + P-What is the social optimum quantity of the public good?

To determine the socially optimal quantity of the public good, we need to aggregate the demand…

Answered: Consider a situation where Ron (R) and…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter10: Externalities

Section10.1: Externalities And Market Inefficiency

Problem 1QQ

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I need some help drawing the curve for p1+p2+p3
Consider a situation where Ron (R) and Nancy (N) have demands for a public good that can be represented by the following functions: D_R: Q_R 10 - 2P_R = D_N: Q_N= 12 - 2P_N If Ron and Nancy are the only two consumers of this public good and the supply function for the good is: S: Q=-3 + P What is the social optimum quantity of the public good? Answer:
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Nuclear facilities emit radioactive waste as a waste product. This generates a cost to society that is not paid for by the firm; therefore, pollution is a negative externality of electricity production. Suppose the U.S. government wants to correct this market failure by getting firms to internalize the cost of pollution. To do this, the government can charge firms for pollution rights (the right to emit a given quantity of radioactive waste). The following graph shows the daily demand for pollution rights. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PR CE (Collars perton) 81 72 63 54 45 27 18 9 D Demand + 0 50 120 100 240 300 360 420 400 540 500 QUANTITY (Milions of tons) Graph Input Tool Daily Demand for Pollution Rights Price (Dollars per ton) Quantity Demanded…

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