Crop loss per additionalsteerNumber in herdAnnual crop loss(Steers)(Tons)(Tons)113234104The cost of crop damage is $1/ton.The cattle rancher is able to sell the meat from each steer for $3.5.What is the socially efficient number of steers? [Select)If the rancher is liable for crop damages, will the rancher raise the efficient number ofsteers? [ Select ]If there are no transaction costs, and the rancher is not liable for crop damages, willthey raise the efficient number of steers? [Select)The point of Coase's analysis here is that if the pricing system functions withouttransaction costs, I Select)

Given information Price of selling output=$3.5 per steer Cost of crop damage is $1 ton Number of…

Answered: Number in herd Annual crop loss Crop…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(Figure: The Socially Optimal Quantity of Emissions from Coal Production) Use Figure The Socialy Optimal Quarety of Emissions from Coal Production in the figure, firms are the only beneficiaries of polution, and costs are borne solely by others in the society. Without government intervention Marginal social cost, marginal social benefit MSC of pollution MSB of pollution Quantity of pollution emissions (tons) O The outcome cannot be determined without more information Orms will continue to polute until the marginal benefit to them is $200 O firms will continue to pollute until the marginal benate to them is zero. O the quantity of pollution will be optimal.
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$ per meal 22 20 18 16 14 12 10 8 6 4 2 10 10 12 8 14 C Submit 30 B D EE A A local restaurant attracts a large crowd for lunch. However, its customers park their cars on the street, making it more difficult customers of other businesses to pass and find parking. In an unregulated market, the restaurant will charge__ $ per meal. 50 70 MSC MPC MPB=MSB 110 130 90 Meals per hour You have used 0 of 1 attempt 9 Save
12. Can farmers control the internal risks easier? Are there ways to also manage external risks? Why or why not?
Refer to graph and answer a and b
General questions Howshould the optimal price of carbon be set? Which alternative approaches are available and which factors determine the price of carbon?”
The private Marginal benefits for cassava is given by 30-3X where X is the number of cassava consumed. Private marginal cost of producing cassava is the same as 15 shillings. for each cassava produced, external cost of ksh. 6 is imposed on members of Nairobi village. Without government interventon, how much of cassava is produced? What is efficient level of cassava production what is the gain to society involved moving from inefficient to effeicient level of production and if pigouvian ta is introduced, how much tax revenue will be raised?
Price and cost (dollars per ton of steel) 250+ 200 150 100 50 2 MSC S = MC D=MSB 10 4 6 8 Quantity (tons of steel per week) 29) The above figure shows the marginal social benefit, marginal private cost and marginal social cost of producing steel. There is a marginal external of A) cost; $100 B) benefit; $100 D) cost; $200 per ton. C) benefit; $200
Michigan SUGAR BEET processing center creates waste ponds that smell terrible interfering with the quality of life of nearby residents. Below are the dollar valued benefits and costs of producing a ton of sugar. Quantity in Tons Private Benefit Private Cost External Cost 1 $140 $100 $20 2 $130 $110 $20 3 $120 $120 $20 4 $110 $130 $20 5 $100 $140 $20 6 $90 $150 $20 7 $80 $160 $20 Describe the quantity of tons of Sugar that would be produced in a pure Describe the society optimal quantity tons of sugar that should be Describe two ways that the business can be incentivized to internalize the socialcosts of sugar
part B
Lighthouses are a good that is non-excludable and non-rival (i.e. a Public Good). Given there are currently 2 boats in the area and the marginal cost shown in gray. What is the Socially Optimal level of Lighthouses? 02 49 3 O t 05 Price ($) $80- $70- $60- $50 $40 $30- $20- $10- 0 0 Lighthouse Market 2 3 Lighthouses, QL Marginal Cost 5 MBA MBB 6
Solve D) and last part only in 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.…

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