Suppose that the graph shows the market for CPR training in a small town, whichgenerates public health benefits for the community.Price$32$30$28$26$24$22$20$18$16$14$12$10$8$6$4$2648 12 16 20occur.b. If left to the private market,SSocial BenefitPrivate BenefitHours of CPR traininga. Based on the graph, the external benefit per hour of CPR training is $24 28 32The efficient number of hours of training ishours of CPR training will

Private Benefit:Private benefit, also known as individual benefit, refers to the direct and personal…

Answered: Suppose that the graph shows the market…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose that flu shots create a positive externality equal to $10 per shot. Further suppose that the government offers a $7-per-shot subsidy to producers. What is the relationship between the equilibrium quantity and the socially optimal quantity of flu shots produced? Group of answer choices They are equal. The equilibrium quantity is greater than the socially optimal quantity. The equilibrium quantity is less than the socially optimal quantity. There is not enough information to answer the question.
The following table shows how the marginal benefit of a service varies for five consumers. Quantity 1 Serkan Asuman Bahar Murat Meriç 3 100 75 50 125 200 4 75 50 25 125 150 150 125 100 200 600 a. Derive the demand curve for this service assuming that it is a public good. If marginal cost of the good is 850, what is the efficient output of the public good? c. If marginal cost of the good is 425, what is the efficient output of the public good? d. If marginal cost of the good is 850, what is the efficient output assuming it is private good? 125 100 75 150 400 o.
Refer to Table 2. What is the equilibrium quantity of output in the market? What is the socially-optimal quantity of output in this market? Refer to Table 2. How large would a corrective tax need to be to move this market from the equilibrium outcome to the socially-optimal outcome?
Sub : EconomicsPls answer very fast.i ll upvote correct answer . Thank You The figure below shows the market for water-skiing permits on Shuswap Lake in British Columbia. Every person who wishes to water ski must obtain a permit, which is valid for one day. Suppose that each water skier imposes a $4 negative externality on other people who use the lake.
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5. Discuss the concept of externality in health care using the example of vaccination against an infectious disease. How can the government internalize this externality to achieve social/optimal equilibrium? Why is this governmental intervention important and what are the different policy options?
A local school administrator observes an increase in the number of flu cases in the public schools over the last two years. She is concerned that some families cannot afford flu vaccine and are therefore not having children vaccinated. She is also concerned that the failure to vaccinate some children is putting other children at risk, so she proposes that the state subsidize vaccines to increase coverage rates. a. Determine whether the failure to vaccinate some children is an external benefit or an external cost. If an external cost is present, move point A and point B to show the marginal social cost curve. If an external benefit is present, move point A and point B to show the marginal social benefit curve. Place point C at the equilibrium outcome. Place point D at the socially optimal outcome. Flu vaccines A B D Supply (marginal private cost) Price
The following graph represents the market for high-emissions cars. Answer this question assuming that the externality is not internalised. Which quantity is socially optimal (i.e. what is the efficient quantity)? What is the deadweight loss generated by the externality?
question 3
2 The market for education confers positive externalities on society. Which of the following is an example of a positive externality that it provides? Higher quality of public institutions like government and law Subsidies for providing education Higher salary for the person earning a degree More colleges and universities X OOOO W F2 3 16 80 F3 E 888 FA R DE F % V T MacBook Air 6 Y B & 7 H tv NA 2 N 8 K M 0 W Aa zoom 0
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Mankiw Chapter 11 2 b Are the externalities associated with common resources generally positive or negative? Use examples in your answer. Is the free market use of common resources generally greater or less than the efficient use?

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