9. Private solutions to correct for externalitiesConsider the following scenario:Suppose that a chicken farm uses a nearby stream to dispose of the wastes released by its chickens. These wastes flow downstreaminto a lake that has become thick with algae and polluted by the minerals in the waste matter. The local office of a nonprofitenvironmental organization collects enough donations to fund a campaign to stop the farm's pollution.Which of the following types of private solutions to the externality of pollution has occurred in this case?O ContractsO Moral codes and social sanctionsO CharitiesO Integration of different types of businesses through merger or acquisitionIt's important to note that sometimes private solutions to externalities do not work. For example, this occurs when one party repeatedly holds out fora better deal. This describes the problem of

A non-profit organization is a gathering coordinated for purposes other than creating profit and in…

pse that a chicken farm uses a nearby stream to dispose of the wastes released by its chickens. These wastes flow downstream lake that has become thick with algae and polluted by the minerals in the waste matter. The local office of a nonprofit onmental organization collects enough donations to fund a campaign to stop the farm's pollution. che following types of private solutions to the externality of pollution has occurred in this case? Contracts Moral codes and social sanctions Charities Integration of different types of businesses through merger or acquisition cant to note that sometimes private solutions to externalities do not work. For example, this occurs when one party repeatedly holds out for

pse that a chicken farm uses a nearby stream to dispose of the wastes released by its chickens. These wastes flow downstream lake that has become thick with algae and polluted by the minerals in the waste matter. The local office of a nonprofit onmental organization collects enough donations to fund a campaign to stop the farm's pollution. che following types of private solutions to the externality of pollution has occurred in this case? Contracts Moral codes and social sanctions Charities Integration of different types of businesses through merger or acquisition cant to note that sometimes private solutions to externalities do not work. For example, this occurs when one party repeatedly holds out for

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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…
ģi Refer to the table below, which presents information on a market that provides positive externalities on society. Private marginal benefit Marginal cost $300,000 $340,000 $310,000 $330,000 $320,000 $320,000 $330,000 $310,000 $340,000 $300,000 $350,000 $290,000 Calculate the quantity that would be produced if society did not incorporate the social marginal benefits of this good or service. Type your answer... Quantity 6,000 7,000 8,000 9,000 10,000 11,000 F1 a 2 W JAN X Q 18 F2 # 3 20 F3 F $ 4 F4 R % 5 F5 T MacBook Air A 6 F6 Y & 887 stv F7 U * 00 8 FB O ( 9 Private+social marginal benefit $360,000 $350,000 $340,000 $330,000 $320,000 $310,000 F9 1 W 0 F10 Aa zoom P F11 Submit F12 = IT ľ
A. Figure 10-8 (above)- For the described positive externality, what is the market quantity without any efforts to correct the market? B. For a positive externality, briefly explain why and how the government may get involved in the market. In your response, provide an example (type of product or service).
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@ Refer to the table below, which describes the market for cigarettes in terms of marginal benefits, private marginal costs, and private+social marginal costs. Marginal benefits Private + social marginal costs $12 $8 $10 $10 $8 $12 $6 $14 $4 $16 Quantity 100 200 300 400 500 Calculate the equilibrium quantity of cigarettes that would be produced and sold if society incorporated the negative externalities of cigarettes by taxing cigarettes. Type your answer... == 3 80 F3 16 с $ 888 FA VER % DFL V 5 T G B FO MacBook Air Y Private marginal costs $4 $6 $8 $10 $12 H & 7 A tv NA F7 U N * 00 8 1 ( 9 M K F9 O O Aa zoom
An external cost arises from the use of fossil fuels because of global warming. If fossil fuels are sold in a competitive market, A. The marginal social cost of fossil fuels will exceed their marginal private cost. B. The marginal social cost of fossil fuels will be less than their marginal private cost C. The marginal social benefit of fossil fuels will exceed their marginal social cost D. a and b E. b and c