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 Troutsville (population of 4) wants to put on a firework display. Leslie would get $40 worth of benefit, Mark would get $30 worth of benefit, Maggie would get $20 worth, and Erika would get $10 worth. What is the socially efficient amount to spend on the display? a. $25, the average of their benefitsb. $10, the minimum of their benefitsc. $40, the max of their benefitsd. impossible to telle. $100, the sum of their benefits
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).
. Some dissenting scientists at Environment Canada disagree with the estimate of $1.50 for theenvironmental externality. They believe that the incidence of the externality is not constant acrossdifferent levels of production; instead the size of the externality is proportional to the level of output.That is, the larger is the output, the larger is the externality. Their research suggests that the truesocial cost of cereal production diverges from private costs at every level of production by an amountequal to ten percent of production (note: ten percent, not ten percentage points).The government would like to know the economic effects of implementing a tax to internalise theexternality in this case. Draw the diagram for this market and policy. Solve for all relevant Ps and Qs.Calculate producer surplus
Suppose that there is an environmental policy that could reduce the average concentration of a toxic substance to which 3 million people are exposed. Suppose that as a result of the reduction in exposure the risk of death reduces from 1 out of 50,000 to 1 out of 60,000. a. What is the expected number of lives that could potentially be saved from this environmental policy? a. If each of the 3 million people who are exposed is willing to pay $8 for this reduction in risk, then what is the implied value of a statistical life that is potentially saved as a result of this environmental policy? a. Your boss asks you to estimate what must be the maximum cost of such an environmental policy. Provide a justification for the upper limit on the cost of such an environmental policy.
The following diagram shows the market for medical checkup. What are the equilibrium price and quantity of medical checkup? Which kind of externality problems exists in the market for medical checkup? How does this externality problem affect the efficiency of the market? Explain in detail. How can the government solve this externality problem? Explain in detail.
part D E urgnty need
I need help with qusetion A, B and C
16. A pharmaceutical company develops a vaccine against malaria, a disease that kills large numbers of people worldwide. This vaccine market presents Opositive externalities Onegative externalities Opublic goods Osocial cost and as a result Othe private demand for vaccine is greater than the social demand Othe social demand for vaccines is greater than the private demand Othe market will result in an over production of vaccines Othe price of the vaccine will be too low to generate profitfor the firm
Help plz graph plz 3 8
WHY SHOULD OTHER PECPLE BENEFIT FROM MY HARD WORK? 1994 Wateron De tyh e d Figure 1 Figure 1 shows how Calvin carefully avoids creating a positive externality (think of this as the equivalent of a factory applying a filter to eliminate any polluting emissions). Assume that this way of snow shovelling does not create any additional costs for Calvin (no extra effort and he has no plans to return home any time soon). b) As creating positive externalities leads to a social problem (see question a), and Calvin's way of snow shovelling avoids creating positive externalities, does Calvin's behaviour imply an efficiency improvement from a social point of view? Explain.
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