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4.4 Using diagrams, discuss and explain the three conditions for optimal social welfare.
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- Immediately after an ice storm brought down power lines throughout the region, hardware stores were sold out of batteries and flashlights. However, within a couple of days, special deliveries brought in extra batteries and flashlights, and everyone who wanted to buy a flashlight or batteries was able to do so. Which of the following principles of economic interaction best describes this scenario? 1. When markets do not achieve efficiency, government intervention can improve overall welfare. 2. Markets allocate goods effectively. 3. All costs are opportunity costs. 4. There are gains from trade.Need help with this microeconomice question.An apartment complex included a fixed price of water in the monthly rent. One day the city decided to attach a water meter to each individual apartment and charge the tenant for actual water usage. As a result, water usage in the apartment complex went way down. Explain this situation using a basic economic principle.
- The fundamental problem of welfare economics is to determine at which feasible allocation the economy should operate. Discuss the challenges of aggregating individual preferences into social preferences in order to identify the socially optimal allocation.3.2 In the figure below draw the market demand curve that corresponds to the four individuals below. Remember to label the x-axis! L 2 Individual 1 Individual 3 5 6 2 Individual 2 Individual 4 5Please give two examples of market distortion, how do they affect the market efficiency? Explain in welfare economics.
- 1 As a principal trying to determine whether to spend $20 per student for access to an online textbook program, all I need to know is whether the marginal benefit for each student is greater than $20. Explain.2. Let the smoke emitted by a widget manufacturing plant is so bad that the welfare if people residing in the vicinity are being severely affected. The cost imposed on the people residing in the vicinity is estimated to be $ 100,000 while the value of production (smoke comes as a byproduct) for the plant is $ 120,000. a) Are too much, too little or the right number of widgets being produced? b) If the plant makes an offer of S 110,000 to the residents to compensate for the harmful smoke, can we conclude that the externality (if any) is internalized? c) If the plant makes an offer of S 110,000 to the residents to compensate for the harmful smoke, can we conclude that all the costs (or benefits) of the action are being considered? d) If the plant makes an offer of $ 110,000 to the residents to compensate for the harmful smoke, can we conclude that the efficient (surplus maximizing) quantity of widgets would be produced?your marginal benefits for eating candy bars is shown in the table below # Hot Dogs Marginal benefit 0 0 1 7 2 4 3 2 4 1 Which core principle is represented in this scenario if any? If the price of candy bar is $3 how many should you buy Explanation
- Each school-week night John can play video games, talk on the phone, or watch a movie. He has a total of five hours tospend on one of these three things.Using the information, fill out the marginal benefit columns below. QUANTITY TOTAL BENEFIT MARGINAL BENEFIT TOTAL BENEFIT MARGINAL BENEFIT TOTAL BENEFIT MARGINAL BENEFIT O 0 0 0 1 20 5 3 2 22 10 6 3 23 12 9 4 23 14 12 5 23 15 15Society's Production-Possibilities Frontier Quantity of Guns 987 65 4 3 2 1 0 D B C A 0 20 40 60 80 100 120 Quantity of Butter In the graph above, which point represents an inefficient combination of guns and butter? O a. B O b. C C. A d. D4. What are the three conditions that must exist when there is allocative efficiency? Allocative efficiency is achieved when the correct quantity of output is produced relative to other goods and services. Any of the following three conditions define allocative efficiency. 1) 2) 3)
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