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- How market equilibrium is found with Pollution Abatement Subsidy? Also draw graph and interpret it.This graph represents the tobacco industry. IPrice 16 14 Social Cost 12 10 Private Cost 8 6 4 Demand 200 500 650 Quantity a) Without any government intervention, what is the market determined price and quantity? b) What is the price of the externality? c) What is the socially optimal price and quantity? d) What should the government do (impose a tax or provide a subsidy) to internalize this externality? What is the amount of the the corrective tax/subsidy needed to be to move the outcome from the market equilibrium to the socially-optimal outcome?Principles of Microeconomics Prof. Pinyuan Dong Due October 12, 2022 Problem Set 2 A. Suppose the demand and supply for the market of cigarettes in a city is given by QD = 400-50P, Qs = 50P. 1. Graph the demand and supply curves. What is the market equilibrium price and quantity? 2. The city council wants to discourage smoking. If the socially optimal demand for cigarettes is QD 200-50P, what can the city council do to achieve the socially optimal demand? 3. What is the quantity of cigarette sold after the government takes appropriate actions? How much do consumers pay and how much do producers get? Is the government action effective in its objective of discouraging cigarette consumption? B. Suppose the local gas station in a small town sells regular gasoline at $4/gallon. The gas station sells 100 gallons in a day. Due to global gas prices, it increased the price to $5/gallon. The next day, the gas station is only selling 90 gallons a day 1. Using these two points, calculate the price…
- ASAP plz Why don't people/stores make different decisions? Cost is a factor: a case of foam take-out containers costs $25, compared with $58 for paper and recyclable-plastics. How does this affect the firm's profit? Are consumers willing to pay more? Negative externality Consider the demand and supply given above. Suppose there is an external cost given by MEC=5Q. Find social equilibrium price and quantity. Draw a graph and label both private and social equilibrium.36 Social Cost 30 30 24 24 18 PRICE (Dollars per unit) 2 6 Supply Demand H 100 200 300 400 500 600 QUANTITY (Units of plastic) Refer to Figure 10-6. In order to reach the social optimum, the government could O impose a tax of $3 per unit on plastics. impose a tax of $9 per unit on plastics. O impose a tax of $12 per unit on plastics. Ooffer a subsidy of $9 per unit on plastics.les of Microeconomics - Spring21 The table below shows the demand schedules for pizza for Abby and Barry who are the only buyers in the market. Abby's quantity Barry's quantity Price (dollars per slioe) demanded demanded (slices per month) (slices per month) 2.50 25 50 3.00 20 40 3.50 15 30 4.00 10 20 4.50 10 5 00 Based on the table, what is the marginal social benefit from the 45th slice of pizza? Select one: O a. $3.50 O b. $3.25 O c. $0.50 Od. $9
- 2. Use the graph below to answer the two questions on the right. Price If a positive externality exists and the government intervenes, which curve shifts and in what direction? Ssocial internal If a negative externality exists and the government does intervene, which curve shifts Docial and in what direction? Dinternal QuantityOregon legislative committee passes cap-and-trade bill Lawmakers are moving Oregon a step closer to adopting what would be the nation's second economywide carbon pricing scheme. after California. Price and cost (cents per mile) Q 40- S=MC a G Source: Portland Business Journal, May 17, 2019 35 The transportation sector is Oregon's largest contributor to carbon emissions. Under what conditions would Oregon's carbon pricing scheme reduce carbon emissions to the efficient quantity? Use a graph to illustrate your explanation. Show the effects of setting the price of carbon too low and too high. 30- 25 20 15 and permits traded at a The efficient quantity of transportation would be produced if the quantity of permits was set such that, price OA. marginal private cost of transportation equals marginal benefit, above marginal external cost B. marginal social cost of transportation equals marginal benefit, equal to marginal external cost OC. marginal social cost of transportation equals marginal…Price 30 MC 23 20 15 ATC 12 D 9 12 15 MR Quantity c) If this firm is operated as a competitive market, what would be the output and price? Why are these output and price socially efficient?
- 11. Compared to a good with no externalities, a good with a negative externality will appear to have experienced a OIncrease in Supply ODecrease in Supply Olncrease in Demand ODecrease in Demand at each corresponding price...Sub : EconomicsPls answer very fast.I ll upvote. Thank You The figure below shows the market for water-skiing permits on Shuswap Lake in British Columbia. Every person who wishes to water ski must obtain a permit, which is valid for one day. Suppose that each water skier imposes a $4 negative externality on other people who use the lake.Sub : EconomicsPls answer very fast.i ll upvote correct answer . Thank You The figure below shows the market for water-skiing permits on Shuswap Lake in British Columbia. Every person who wishes to water ski must obtain a permit, which is valid for one day. Suppose that each water skier imposes a $4 negative externality on other people who use the lake.