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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PRICE (Dollars per unit of electricity) 2000 1800 1600 1400 1200 1000 800 600 400 200 0 1 O 4 5 QUANTITY (Units of electricity) 3 6 Supply (Private Cost) Demand (Private Value) 7 Social Cost ? The market equilibrium quantity is units of electricity, but the socially optimal quantity of electricity production is To create an incentive for the firm to produce the socially optimal quantity of electricity, the government could impose a unit of electricity. units. of $ per
Though relationships between income and environmental quality are not inevitable, there are some general trends that have been revealed. Studies show that as a country's per capita income rises a) exposure to CO2 emissions decrease. b) exposure to particulate solids wastes decrease. ) exposure to particulates and sulfur dioxide (SO2) first decrease and then increase. O d) to safe water and adequate sanitation rise. access
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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…
500 450 The graph on the right may help in answering question 25 400 350 300 250 200 150 100 50 O 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 Quantity Demand MC Exter nality MC private MC Social A competitive tire manufacturing industry spews emissions into the air at47 per tire a marginal cost of 1.5-q, where q is the quantity of tires produced per month (in thousands). The industry marginal cost, excluding the cost of emissions (private marginal cost), is 4 + 4•q, expressed in $ per tire. The inverse demand curve for tires is p = 480 - 3-q, also expressed in $ per tire. In order to achieve the socially efficient level of tire production, which takes into account the optimal level of air pollution, the government levies a tax on the industry. What is the efficient pollution tax? $84 per tire $101 per tire $152 per tire Price
If it costs $6 to purchase & plant a tree, what is the socially optimal number of trees to be purchased? answer: [x] trees
$ MAC 69 0 K A. The total benefit of that decision is represented by area(s) B. The total cost of that decision is represented by area(s) M Suppose that emissions were to decrease from the unregulated level to the optimal level. C. The net benefit of that decision is represented by area(s) MD ◆ e ◆
What is the importance of the enforcement private property rights as it relates to the mitigation of market failure & supporting conservation ?
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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
Refer to graph and answer a and b
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

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