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PART E F G
Step by step
Solved in 5 steps with 1 images
- Q) Imagine any number of identical boats can fish along the North Carolina coast. The value of fishing (V) per boat as a function of the number of boats (N) is: V = 50 − 5N. The marginal value (MV) to the fishery of an additional boat is: MV = 50 − 10N. For each boat, the costs of fishing (C) are $10. If the fishery were managed in a way that only the socially efficient # of boats are allowed to enter the fishery, what would be the net value (i.e., total value minus total costs) of the fishery? Explain it early. Not solve in excel works2. Public Good and Contribution. Consider the following scheme for contributing to the provision of a public good, say the opening of a community library for a community of n families. Each family i decides a contribution g; towards a public good, which represents a number of books. The total quantity of public good is equal to G =E8; is then the size of the library. Each family incurs an addition cost of r(g,)*/2 for contributing g;, equivalent to the cost of transporting the books to the collection point. Therefore, the utility function of family i is (g.) U{81»8-1)= G-y- 2 j=1 (g.) 2 (a' Consider the socially optimal solution. Define the social wel- fare V as the sum of the all the families' utility functions V = E U,(8j,g=j). Maximise V with respect to g, for i = 1,...,n. Using the first order condi- tions, determine the socially optimal level of contribution per family. goi for i = 1, ..,n and the socially optimal size of the library: Go (b) How do you know that the solutions for…Q) Imagine any number of identical boats can fish along the North Carolina coast. The value of fishing (V) per boat as a function of the number of boats (N) is: V = 50 − 5N. The marginal value (MV) to the fishery of an additional boat is: MV = 50 − 10N. For each boat, the costs of fishing (C) are $10. If the fishery were managed in a way that only the socially efficient # of boats are allowed to enter the fishery, what would be the net value (i.e., total value minus total costs) of the fishery? Correctly explain now. Not in excel
- Explain which of the following cases are classified as (A, B, C, or D) : (A) Negative Externality of Production or (B) Negative Externality of Consumption or (C) Positive Externality of Production or (D) Positive Externality of Consumption: Almawassi village does not have a public fire department, some homeowners purchased private fire protection services to provide a positive externality to neighboring properties, which are less at risk of the protected neighbor's fire spreading to their (unprotected) house. Wakefulness due to a neighbor listening to loud music late at night. a person smoked heavily in a public place. A farmer who uses pesticides to produce vegetables A person planted ornamental trees along Salahiddeen street Creative laboratories which try to find vaccine for COVID 19 The corporate development of some free software to benefit students A software company that creates social media programs No. 2 3 4 5 6 7 8 AnswerThe graph below depicts a schedule of two individual marginal benefit curves (MB1 and MB2) as well as the social marginal benefit (SMB) curve. This good is non-rival in consumption and non- excludable in use, so the SMB was constructed using vertical summation of individual MB curves. Which of the following are TRUE? $20 $15 $13 a b d e Q1 Q2 Q3 SMB MB2 MBI Quantity O b. If the social marginal cost is $20 per unit, then Q2 is the output level that maximizes social net benefit. O e. None of the above are true. O d. Only b and care true OC. The social marginal benefit of the Q1st unit is $28. O a. It must be the case that Q1+02-03,The diagram below refers to a situation where Rajah di bawah merujuk kepada sesuatu situasi di mana Benefit Cost (RM) Faedah / Kos P₂ P₁ 0 Q₁ H MSC (Marginal Social Cost) Q₂ MSB (Marginal Social Benefit) MPB (Marginal Private Benefit) Quantity / Kuantiti a. over-consumption of goods will occur in a free market without government intervention terlalu banyak penggunaan barang akan berlaku dalam pasaran bebas tanpa campurtangan kera b. a subsidy scheme is required for a positive externality skim subsidi diperlukan untuk sesuatu kesan luaran positif c. the good should be heavily taxed barang tersebut perlu dikenakan cukai yang tinggi d. a negative consumption externality is present
- Analyze the situation below and give your responses: The situation: If you live in a place that presently not requiring car drivers not wearing a seatbelt. In addition, considering that you enjoy driving your car without using seatbelt. From your own perspective/opinion, state at least one major cost and benefit of a government proposed ordinance/ a law to abide that would require all drivers to wear seatbelts? 1) Cost: 2) Benefit:Consider a municipality A and an irrigation district B with the following marginalnet benefit functions that describe net benefits from water consumption q.MNBA = 72-12qAMNBB = 30-qBRecall marginal net benefits (MNB) shows the difference between marginal benefits andmarginal costs. The quantity that maximizes net benefits is found where MNB=0.a.) Assume the municipality A and the irrigation district B have two different sources ofwater. Assume it has been a very snowy winter and there is plenty of water for everyone.How much water should be processed and consumed by each?b.)How much total surplus (net benefits) is enjoyed by each?c.) Now assume it has been a less snowy winter and water supplies are limited. Each lakecontains only 9 units of water for the season. What is the efficient water consumption foreach?d.) How much total surplus is enjoyed by each?e.) Now assume the municipality and the irrigation district have to share water from a singlelake. In the current year, only 9 total…What is the efficiency condition for public goods provision? (i.e. When this condition holds, the amount of public goods provision is optimal.) a. The marginal benefit of each individual is equal to the marginal cost of production. b. The sum of all individuals' marginal benefit equals the marginal cost of production
- Please solve part d,e and f!!! Three roommates, Jim, Saleem, and Ritesh, are thinking about buying a new speaker system for their apartment. The speaker system would be a public good if they buy them, and the total cost would be $300 which would be shared equally among the three. Jim values it at $80, Saleem values it at $140, and Ritesh values it at $70. If the speakers are purchased each person gets a payoff equal to their net valuation (valuation minus cost share); if they are not purchased each gets zero payoff. a)Is it socially efficient that they buy the speaker system? With reference to the definition of a public good, why or why not? The roommates decide that they will write down their net valuations, and if these reports sum to more than zero, they will buy the TV (sharing the cost equally), or else they will not. b) If all were to report their true valuations, what payoff would each agent earn? c) Show that if Jim and Ritesh submit their true net valuation, then Saleem does…Define public and private goodsQuestions 12 & 13 relate to the following graph: $ P3 P₂ 12 13 P₁ The graph best represents: Q₁ Qo a. Negative production externality b. Positive production externality c. Negative consumption externality d. Positive consumption externality According to the graph, which price and quantity combination represents the social optimum? a. P₁, Q₁ b. P₂, Q₁ C. P₁, Qo d. P₂, Qo Social Cost A A Private Cost Demand Quantity B B D C D