Microeconomics
Microeconomics
11th Edition
ISBN: 9781260507140
Author: David C. Colander
Publisher: McGraw Hill Education
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Chapter 8, Problem 9QE
To determine

Public good aspect of each good.

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Use the graph attached below as a starting point (either download it or print it out). Add curves, labels, etc. to this graph in order to show the following: 1. Show that this good has a $4/unit negative externality (external cost), such as pollution. 2. Shade the area that represents the Deadweight Loss (lost gains from trade) caused by the external cost. 3. Show a tax or subsidy wedge (whichever you think is appropriate) that will solve the problem of the external cost. 4. Show the socially optimal level of production that the Pigouvian tax or subsidy above will help the market to achieve. You may use software or pencil and paper to complete this graph. Upload it here when you are done.
Which of the following represents a social benefit? Group of answer choices The satisfaction of eating a strawberry ice cream. The total revenue a company gains from developing a new vaccine. All of the positive externalities from the invention of the laser All of the positive externalities a company receives from the implementation of a new technology that decreases the cost of production.
Show graphically and explain how an increase in environmental awareness affects the market for bottled water.

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