Question 29 E G H What kind of externality is depicted above? a. Positive Production Externality b. Negative Consumption Externality c. Positive Consumption Externality d. Positive Production Externality Supply MSB Demand
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![Question 29
E
G
H
What kind of externality is depicted above?
a. Positive Production Externality
b. Negative Consumption Externality
c. Positive Consumption Externality
d. Positive Production Externality
Supply
MS B
Demand](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcf0c3916-cc47-4649-8ed3-ebfb3d579fb2%2F04031021-b939-4308-b3d8-eee0a0c0be7a%2Fdllnvz9_processed.png&w=3840&q=75)
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- PSearch Joseph f mework 4 Compatibility Mode Leferences Mailings Review View Help Text Box AаВЬСс АаВЬCcl AaBbC A ав давьсс Subtitle EA Aa A E-E-EE E T 1 Normal 1 No Spac. Heading 1 Tele A. D. A- 三。 、出、 IN Styles Paragraph Section: Chapter 6: Government Policies 1. In the passage below about price ceilings and floors, certain important words have been removed and placed in the table on the right. Indicate where each of the terms ought to go in the passage, by placing the number of the gap in the table on the right. (1) is also known as a Above minimum price. It makes sure that the price remains high in order to help out Below (2) of the product. In order to be effective, it must be set Consumers (3) the equilibrium price. (4), which It results in a is also known as excess supply. An example of this type of price control is a Minimum wage Price ceiling (5). On the other hand, a (6) is also known as a Price floor maximum price. It makes sure that the price remains low in order to help…Look at the tables below. Person Bob Barb Bill Bart Brent Betty $ Maximum Price Willing to Pay $17 14 13 12 11 10 Person Carlos Courtney Chuck Cindy Craig Chad Instructions: Enter your answers as a whole number. a. What is the total surplus if Bob buys a unit from Carlos? $ b. What is the total surplus if Barb buys a unit from Courtney? $ c. What is the total surplus if Bob buys a unit from Chad? Minimum Acceptable Price $6 7 8 9 10 11 d. If you match up pairs of buyers and sellers so as to maximize the total surplus of all transactions, what is the largest total surplus that can be achieved?Next question Which of the following is an example of a positive externality? A. A lower inflation rate would benefit most consumers. B. Compulsory flu shots for all students prevents the spread of illness in the general public. C. Promoting generic drugs would benefit people. D. Singapore has adopted a comprehensive savings plan for all workers known as the Central Provident Fund.
- Homework 4- Compatibility Mode - Saved to this PC O Search Joseph Mercad Layout References Mailings Review View Help OFine Rom-12 - A A Aa A !! AaBbCcl AaBbCel AaBbC AaB AaBbCcc Rep xx A--A、 三山册一研, 一、田, I Normal I No Spac. Heading 1 Subtitle Title A Seles Font Paragraph Styles Editin Chapters 7: Welfare: Consumer and Producer Surplus 5. Explain the concept of consumer surplus. 6. Melinda buys an iPhone for $700 and gets a consumer surplus of $160. a. What is her willingness to pay? b. If she had bought the iPhone on sale for $500, what would her consumer surplus have been. c. If the price of an iPhone wvere $900, what would her consumer surplus have been? 7. The demand schedule for toasters, is given below. The price of toasters is $20. a Graph the demand curve to scale and identify the area that represents the consumer surplus ($) (millions) 120 10 100 20 80 30 60 40 40 50 20 60 Focus up ho IOI 10 4+ 23 3. %2$ 4 & 5. 6. 7. 8. LO |米Figure 1. The graph depicts the market for plastic containers. Price 16- 14- 12- 10 8- 6 200 500 650 Social Cost Private Cost Demand Quantity Refer to Figure 1. In order to reach the social optimum, the government could O offer a subsidy of $8 per unit on the production of plastic containers. O impose a tax of $8 per unit on the production of plastic containers. O offer a subsidy of $4 per unit on the production of plastic containers. O impose a tax of $4 per unit on the production of plastic containers.When externalities cause markets to be inefficient (x) government action is sometimes needed to solve the problem. (y) private solutions can be developed to solve the problem. (z) there is a way to eliminate the problem of externalities in the market if producers are provided with the appropriate incentives to internalize the externality. Select one or more: a. (x), (y) and (z) b. (x) and (y) only c. (x) and (z) only d. (y) and (z) only e. (z) only
- 4. Externalities - Definition and examples An externality arises when a firm or person engages in an activity that affects the well-being of a third party, yet neither pays nor receives any compensation for that effect. If the impact on the third party is detrimental, it is called a externality. The following graph shows the demand and supply curves for a good with this type of externality. The dashed drop lines on the graph reflect the market equilibrium price and quantity for this good. Shift one of the curves to reflect the presence of the externality. If there are external costs of production, then you should shift the supply curve to reflect the social costs of producing the good; similarly, if there are external benefits from production, then you should shift the demand curve to reflect the social benefits from consuming the good. PRICE (Dollars per unit) QUANTITY (Units) Supply Demand Demand Supply With this type of externality, in the absence of government intervention, the…1. Price $152 $144 $136 $128 $120 $112 $104 $96 $88 $80 572 S64 $56 $48 $40 $32 CORNW 524 $16 $8 SO 0 25 50 75 100 1₁ 125 150 - - Supply 175 200 Quantity 225 Demand A. Calculate consumer surplus at the equilibrium price and quantity B. Calculate producer surplus at the equilibrium price and quantity D. Calculate total surplus at the equilibrium price and quantity D. Shade the area of the graph that corresponds to total surplus 250 275 300 325 350 375Homework 4 Compatibility Mode OSearch Josep ayout Mailings Review View Help Text Box References 12 -A A Aa A E E-E 三 AaBbCcl AaBbCel AaBbC AaB AoBbcct 1 Normal 1 No Spac. Heading 1 Title Subtitle b x, x A- .A EEE- E- Styles Font Paragraph 4. The three diagrams show the market for blue cod. The demand curve for cod is the same in each scenario. Scenario A represents market day; all of the fishing is done for the day, so price does not affect supply: supply is perfectly inelastic. Scenario B represents the short term, in which fishing boat captains can change a little what they do in response to a price change, but not much. Scenario C represents the market a year from now, when captains can decide to move to a different market, sell or buy boats, hire or fire crews, etc... so in Scenario C, supply is much more responsive to a price change. Scenario A Scenario B Scenario C Pe Pe Pe Focus 23 hp 144 IDI %23 & 3. 4 5. 6. 7. 8. %24
- QUESTION 22 Figure: Three Firms That Pollute Marginal benefit of Individual polluter $1,000 0004 Fim A 800 700 6004 500 400 300 200 100 0 Firm B C. firm C D. firm A Fm C 100 200 300 400 500 600 700 800 900 1,000 Quantity of mercury (tons) Reference Ref 164 (Figure: Three Firms that Pollute) Look at the figure Three Firms That Pollute. If each company is allowed to emit only 300 tons of pollution per day, which company will be most adversely affected? A. They are equally affected. B. firm B8. Which of the following organisms is an herbivore? Copepods b. Неming a. c. Humans d. Mackerel Phytoplankton f. Swordfish c.
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