Economics (MindTap Course List)
13th Edition
ISBN: 9781337617383
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 30.1, Problem 2ST
To determine
Explain “sociality optimal output always preferred to the market output”.
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What is the socially optimal output?
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Suppose 20 people each have the demand Q = 20 - Pfor streetlights, and 5
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each streetlight is $10. If it is impossible to purchase a fractional number
of streetlights, how many streetlights are socially optimal?
Chapter 30 Solutions
Economics (MindTap Course List)
Ch. 30.1 - Prob. 1STCh. 30.1 - Prob. 2STCh. 30.2 - Prob. 1STCh. 30.2 - Prob. 2STCh. 30.2 - Prob. 3STCh. 30.2 - Prob. 4STCh. 30.3 - Prob. 1STCh. 30.3 - Prob. 2STCh. 30.3 - Prob. 3STCh. 30.4 - Prob. 1ST
Ch. 30.4 - Prob. 2STCh. 30.4 - Prob. 3STCh. 30.5 - Prob. 1STCh. 30.5 - Prob. 2STCh. 30.5 - Prob. 3STCh. 30 - Prob. 1QPCh. 30 - Prob. 2QPCh. 30 - Prob. 3QPCh. 30 - Prob. 4QPCh. 30 - Prob. 5QPCh. 30 - Prob. 6QPCh. 30 - Prob. 7QPCh. 30 - Prob. 8QPCh. 30 - Prob. 9QPCh. 30 - Prob. 10QPCh. 30 - Prob. 11QPCh. 30 - Prob. 12QPCh. 30 - Economists sometimes shock noneconomists by...Ch. 30 - Prob. 14QPCh. 30 - Prob. 15QPCh. 30 - Prob. 1WNGCh. 30 - Prob. 2WNGCh. 30 - Prob. 3WNG
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- A well educated society can be considered which of the following, as it pertains to economics? Negative Externality Positive Externality Economic Relief Social Welfarearrow_forwardQ1.why is this the answer?arrow_forwardSuppose 10 people each have the demand Q-20-4P for streetlights and 5 people have the demand Q=18-2P for streetlights. The cost of building each streetlight is 3. If it is impossible to purchase a fractional number of streetlights, how many streetlights are socially optimal?arrow_forward
- a) What is meant by Pareto efficiency in economics? Explain. b) List two examples of market failures that are relevant for environmental economics.arrow_forwardFast!!!arrow_forwardScenario 4 Suppose there are two residents in a neighborhood, Tana and Jason. Tana's demand for clean streets is Q = 100 – 4P. Jason's demand for clean streets is Q = 80 – 2P. If your answer is not a whole number, please make sure to round to the nearest hundredth. Refer to Scenario 4. What is the socially optimal number of clean streets if the marginal cost of cleaning them is $35? and what is the socially optimal number of clean streets if the marginal cost of cleaning them is $5?arrow_forward
- Consider a small town with a factory that produces cell phones. The factory's production causes air pollution, which affects the health of the residents. Draw a graph representing the market for cell phones in this town. Label the socially optimal level of output and the market equilibrium level of output. Explain the difference between the two levels.arrow_forwardThe diagram to the right depicts the market for cough medicine in a small town. The quantity of cough medicine is measured in bottles sold per week; price is measured in dollars. The townspeople are happier and healthier because people who have colds and flus buy and take the medicine and reduce the spread of infection. What is the socially optimal number and price of cough medicine? $28- $24- ..... The socially optimal equilibrium occurs at a quantity of bottle(s) and a price of $ $20- $16- S $12-$11 $10 $8- $4- DA Q 16: 20 $0- 10 20 30 40arrow_forwardAre negative externalities considered on a microeconomics analysis? Why or why not?arrow_forward
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