Costs andRevenueMRMCDQuantityBased on the graph, you can answers. MR curve is defined as 20-2Q, MC curve is defined as 2Q, and Demand curve is definded as 20 - Q.What is the quantities that maximize a social benefit?Your answer should be 1 decimal points such as 2.1 or 3.1. Do not write ratio such as 10/3. Do not include $. Answer should be 200instead of $200

The quantity that maximizes social benefit is 10.0. The socially optimal quantity is where the…

Answered: Costs and Revenue MR MC D Quantity…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

4. The true cost of a product (such as gold bars extracted and purified from a gold mine by on- site refineries, like the Sudbury heavy metal refinery in Canada) can be calculated accurately by: A. subtracting the indirect costs from the direct costs B. adding the direct costs to the indirect costs C. considering only the indirect costs D. considering only the externalities E. considering only the direct costs
In markets with strong network externalities: a. It is common for the market to be split equally across several firms. b. Market shares typically fluctuate in opposite directions, i.e. high market share today implies lower market share tomorrow. c. Market entry happens frequently. d. A single firm tends to dominate the market.
Help
Economics 1. Social Benefit and Social Cost For the following statements: (1) identify if there is an externality or not; If yes, (2) classify them as: positive or negative; (3) If the externality happens during the consumption or production of the good; and, finally, (4) draw a graph with the marginal private and social benefit and the marginal private and social cost. (a) Driving a non-electric-car generates carbon dioxide emissions. (b) Getting a good education improves your productivity. (c) Developing open-source software makes new tools available for developers. (d) A Youtuber makes loud noises in the middle of the night while recording videos. (e) A person is blasting music on the subway.
Price (thousands of dollars) 100 80 60 40 20 5 10 15 MC 20 MB 25 Quantity (police officers) The figure above shows the marginal cost and marginal benefit of police protection in the city of Hugo, Oklahoma. Police protection is a public good. If the city of Hugo hires 25 officers, then OA. marginal cost will exceed marginal benefit, which means that the efficient number of officers is less than 25. B. marginal benefit will exceed marginal cost, which means that Hugo should reduce the number of officers they hire. OC. marginal benefit equals marginal cost. D. marginal cost will exceed marginal benefit, which means that the efficient number of officers is more than 25. OE. None of the above answers is correct. 1 5 $ 54 # 3 R E D MacBook Pro % ^ 5 6 F T Y 27 G H U כ 8 * 00 X C V B N H ed J - < ) 9 -O M K Time Remaining: 00:44:50 Next 40 |- 00 0 L V- P .V 11 + لالي = - ? H r command option } 1
1. Suppose Brazos County is considering preserving certain miles of Navasota River, but they have no clue how many miles of the river they should preserve. The county officials are seeking advice from a bright environmental economist. They contacted you for help. Suppose marginal benefit for preserving the river is given by P = 10 - ½ q and marginal costs are 2 + ½ q. You are asked to answer the following questions for the country office. Show the work. a) What is the net benefit of preserving six miles of the river? b) What is the benefit/cost ratio of preserving six miles of the river? c) How many miles of Navasota River should the Brazos County preserve? Why?
D. Pollution problem You know the marginal cost of reducing pollution for four factories. Each unit of pollution can be eliminated according to the following marginal costs. A B C D First Unit $65 $15 $30 $10 Second Unit $75 $55 $65 $30 Third Unit $85 $85 $110 $40 Fourth Unit $120 $155 $120 $60 1. The total cost of Firm D eliminating 4 units of pollution 2. Determine the total cost of each firm eliminating one unit of production. 3. The community has decided that the managers of the firms are allowed to produce a total of 4 units of production. Identify the firm(s) that will pollute.
Only typed answer You are an industry analyst that specializes in an industry where the market inverse demand is P = 100 - 3Q. The external marginal cost of producing the product is MCExternal = 6Q, and the internal cost is MCInternal = 14Q. Instruction: Round your answers 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 these costs and market demand, how much output would a monopolist produce? units d. Which of the following are actions the government could take to induce firms in this industry to produce the socially efficient level of output. Instructions: You may select more than one answer. Click the box with a check mark for the correct answers and click twice to empty the box for the wrong answers. You must click to select or deselect each option in order to receive full credit. Pollution taxes…
Please note that the red line is marginal cleanup cost
Is it possible to ration public goods? If yes what devices will you use to ration them? If not, why?
a. (TRUR or FALSE) Labor can be a fixed cost? b. (CHOOSE THE RIGHT ANSWER) One of the best examples of internalizing externalities is through (Donation, Loans, Subsidied or Sponsors) c. (CHOOSE THE RIGHT ANSWER) If it costs Mary P500 to produce a product and Anne P600, the producer surplus when the price of the product is 800 is (300, 200, 400, 500)
Part d-g

SEE MORE QUESTIONS

Recommended textbooks for you

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

Principles of Economics (MindTap Course List)

Economics

ISBN:

9781305585126

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Managerial Economics: A Problem Solving Approach

Economics

ISBN:

9781337106665

Author:

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:

Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…

Economics

ISBN:

9781259290619

Author:

Michael Baye, Jeff Prince

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS