Redistributive expenditure can take the form of direct cash transfers (grants) and/or inkind subsidies. Using diagrams, discuss the merits of these two transfer types in the presence and absence of a positive externality.
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- Draw a standard supply and demand diagram for televisions, and indicate the equilibrium price and output. a. Assuming that the production of televisions generates external costs, illustrate the effect of the producers being forced to pay a tax equal to the external costs generated, and indicate the equilibrium output. b. If instead of generating external costs, television production generates external benefits, illustrate the effect of the producers being given a subsidy equal to the external benefits generated, and indicate the equilibrium output.Identify a negative externalityWhich of the following is associated with a positive externality? Traffic congestion Taxes Eating a pint of ice cream Getting a flu shot
- What externality problem do you expect in the market for plastic bags? How does the government correct the inefficiency of the market? Explain in detail with diagramExplain the negative externalities by clarifying the drawingWhat is the definition of an externality? Click or tap a choice to answer the question. a cost or benefit of market activity to an outside party influence on market activity by an outside party any cost associated with a market activity any benefit associated with a market activit
- Describe social benefits and social costs in externalities.Explain how the effects of externalities can be remediedWith this type of externality, in the absence of government intervention, the market equilibrium quantity produced will be socially optimal quantity. Which of the following generate the type of externality previously described? Check all that apply. greater less than the A microbiology lab has published its breakthrough in swine flu research. The city where you live has turned the publicly owned land next to your house into a park, causing trash dropped by park visitors to pile up in your backyard. Alex has planted everal in his backyard that ncrease the beauty of the neighborhood, especially during the fall foliage season. Your roommate Eileen has bought a puppy that barks all day while you are trying to study economics.
- 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 beneficial, 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. Adjust the following graph to reflect the presence of the externality. If the social cost of producing the good is not equal to the private cost, then you should shift the supply curve to reflect the social costs of producing the good; similarly, if the social value of producing the good is not equal to the private value, then you should shift the demand curve to reflect the social value of consuming the good. (Note: MPC stands for marginal private costs, MSC stands for marginal social costs, MPB stands for marginal private benefits, and MSB…Use the graph below to answer the following: 20 15 10 10 15 20 Quantity (units) Consider a marginal damage of $5/unit due to a productive externality What is the socially optimal quantity demanded in the market? There is an OVERSUPPLY or UNDERSUPPLY (circle one) because of this externality of how many units? Price (S/unit)Please draw and upload an externality graph for the "Truck Tire" market in the US. Use the data provided to draw each axis, plot the points and create the following curves: 1) Demand, 2) Supply (private), and 3) Supply (social), Also mark equilibrium on both S (private)and S (social). After you draw the curve, explain it and describe how government can use it to regulate this tire market. Price Quantity Demanded Quantity Supplied (Private) Quantity Supplied (Social) $ 300 $10 million $ 35 million $ 30 million $ 250 $15 million $30 million $25 million $ 200 $20 million $25 million $20 million $150 $25 million $20 million $15 million $ 100 30 million 15 million 10 million
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