EBK PRINCIPLES OF ECONOMICS
8th Edition
ISBN: 8220103600453
Author: Mankiw
Publisher: CENGAGE L
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Chapter 12, Problem 4CQQ
To determine
The application on which the policy of toll tax is based.
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Published in 1980, the book Free to Choose discusses how economists Milton Friedman and Rose Friedman proposed a one-sided view of the benefits of a voucher system. However, there are other economists who disagree about the potential effects of a voucher system.
The following diagram illustrates the demand and
marginal revenue curves facing a monopoly in an industry
with no economies or diseconomies of scale. In the short
and long run, MC = ATC.
a. Calculate the values of profit, consumer surplus, and
deadweight loss, and illustrate these on the graph.
b. Repeat the calculations in part a, but now assume
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discrimination.
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