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 $330,000 $320,000 $310,000 $300,000 $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 $310,000 $320,000 $330,000 $340,000 $350,000 Private+social marginal benefit $360,000 $350,000 $340,000 $330,000 $320,000 $310,000 Submit

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 $330,000 $320,000 $310,000 $300,000 $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 $310,000 $320,000 $330,000 $340,000 $350,000 Private+social marginal benefit $360,000 $350,000 $340,000 $330,000 $320,000 $310,000 Submit

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 $40 Marginal Social Cost $36 $32 Supply/ Marginal Private Cost $28 $24 $20 $16 $12 $8 $4 Demand 10 20 30 40 50 60 70 80 90 Quantity 1) Does the above diagram depict a positive externality or a negative externality? 2) What is the market quantity and price? 3) What is the socially optimal quantity? 4) What is the socially optimal price? 5) At the socially optimal price and quantity, what is the consumer surplus? 6) At the socially optimal price and quantity, what is the producer surplus? Remember, producers care about their private costs.| Next, suppose that the government steps in to mandate the socially optimal quantity, but does not allow the price to rise. 7) What is the consumer surplus? 8) What is the producer surplus?
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 $330,000 $320,000 $310,000 $300,000 $290,000 Quantity 6,000 7,000 8,000 9,000 10,000 11,000 Calculate the socially optimal quantity of this good or service. Type your answer... 3 E Q 4 R $310,000 $320,000 $330,000 $340,000 $350,000 F % 5 T G 5 6 MA Y MacBook Pro H A & 7 U W wwwwwwwwww 8 J W 1 P ( 9 K Private+social marginal benefit $360,000 $350,000 $340,000 $330,000 $320,000 $310,000 & T O *** Next
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None
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