The demand for clean streets in a neighborhood is Q = 125 – P. For each of the following questions, do not worry whether there are enough streets in the neighborhood. Refer to Scenario 2. At what marginal cost would the optimal amount of clean streets be 100 , 50?
Q: There are two cities located in Canada. One is called Vancouver and the other is Toronto. Assume…
A: Urban development in Canada in this period zeroed in on Montreal and Toronto, which were the two…
Q: The annual demand for flu shots from students and employees at Upstate University is shown in the…
A: Given the demand curve, if the price of a flu shot is $4, then the quantity of flu shots purchased…
Q: An externality arises when a firm or person engages in an activity that affects the wellbeing of a…
A: * ANSWER :-
Q: Consider a town with three residents. The residents' demand curves for various acres of a public…
A: The elasticity of demand is the reaction of demand due to change in price of goods and services,…
Q: The market for socks are represented by the following equation: Q= 500-P Q= 4P Suppose that…
A:
Q: Supply and Demand Q2 The demand curve for tickets at an amusement park is:…
A: Answer - Given in the question - Q = D(p) = 1900 - 45p , P> 0 .............(1) Inverse Demand -…
Q: Efficient markets occur when?
A: When all the persons are satisfied with the economic transaction then it can be considered as…
Q: At Tokyo Disneyland, visitors typically demand more rides than the theme park can supply. In this…
A: When quantity demanded is higher than quantity supplied, there is an excess demand (or shortage).…
Q: The computer market in recent years has seen many more computers sell at much lower prices. What…
A: Supply: - Supply is the relationship between the quantity supplied and the price of a good. There is…
Q: Public goods Three people have a demand for some good: P1 = 100 -Q %3D P2 = 200 - 2Q %3D P3=150-3Q…
A: Answer; For a public good, the market demand is calculated as the sum of prices paid by each…
Q: The market demand and supply equations for theme park in a city are given by P=30–0.005QD…
A: (Q) The market demand and supply equations for theme park in a city are given by P=30–0.005QD…
Q: The graph below shows the daily demand for entry into the downtown core of a major city by commuter…
A: "Since you have posted a question with multiple sub-parts, we will solve the first three subparts…
Q: Based on the information provided to you, name at least two scarce resources that were probably used…
A: Scarce resources are those economic resources that are available in limited quantity but have…
Q: Which of the following is an example of inelastic demand? A. The average cost of gas in a big city…
A: Answer: Inelastic demand: Demand is said to be inelastic when due to a change in price the quantity…
Q: If public transportation is an inferior good and private transportation is a normal good, what will…
A: A normal good is also known as a necessity good. These are the goods that have higher demand when…
Q: The demand for and the supply of Dengue vaccine in a small village in South India is given by the…
A: The equilibrium price and quantity of a good sold in the market are determined by the forces of…
Q: A new bridge is built in your area, which allows you to reach campus much faster. So, instead of…
A: Consumer surplus is the difference between the price that the consumer is willing to pay and the…
Q: given town there is a lake which is a common pool property. A daily fishing license costs $20 per…
A: Given Information fishing license cost = $20/dayFish catching cost = $4/ day opportunity cost of…
Q: Which of the following represents a market failure? a) people prefer to have more restaurant meals…
A: Market failure is the economic situation defined by an inefficient distribution of goods and…
Q: Which of the following statements is FALSE O A) Markets reallocate resources to better uses B) A low…
A: Market can be defined as a place where buyers and sellers interact in order to execute a transaction…
Q: An adverse weather condition can change the supply of a product.” It can be represented as a: a.…
A: Supply curve shows different combinations of quantity supplied and prices
Q: Northside Social (NS) sells cups of coffee and amazing breakfast sandwiches. The current price of a…
A: The firm sells 1000 units of cup of coffee and 200 units of breakfast sandwiches in the market at…
Q: If demand curve for alphonso mangoes is D = 25000 -30P and supply curve is S = 10000 + 70P, How…
A: We can get the quantity supplied from the supply function. The supply function is positively…
Q: The marginal benefit received for each gallon of gasoline consumed per week for Ang, Tony, and…
A: Marginal Benefits are referred to as the Maximum amount that a consumer would pay for an additional…
Q: Suppose the market for rum can be described by the following equations: Demand: P= 10- Q, Supply:…
A: The equilibrium in a market is determined by the forces of demand and supply. The equilibrium occurs…
Q: The demand curve for Widgets is given by QD = 125 + 1.5y - 25p + 30pG, where QD is the quantity of…
A: An increase in the price of good under consideration leads to movement along the demand curve.
Q: Graph the market for an illegal drug and explain the shape of each curve. List at least four…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Why is equilibrium the best guideline for pricing a product? A. It is the best way to set the price…
A: Every firm in the market operates to maximise profit
Q: What are the example of the following: 1. Increase in Demand 2. Increase in quantity demand…
A: 1)Increase in demand: It is a situation when demand for a commodity changes due to change in factors…
Q: Which of the following is an example of price gouging? Question 7 options: selling World…
A: Price gouging refers sellers charging higher price to goods and services when its demand is higher.
Q: The graph below shows the daily demand for entry into the downtown core of a major city by commuter…
A: Hello, thank you for the question. Since there are multiple subpart questions posted here, only the…
Q: The marginal benefit received for each gallon of gasoline consumed per week for Ang, Tony, and…
A: Individual demand curve shows the amount of a good or a service an individual demands at the given…
Q: A recent hot issue in Ghana is energy. Suppose the demand for energy is described by Q=50-0.5P and…
A: Note:- Since we can only answer up to three subparts, we'll answer first three. Please repost the…
Q: The demand and supply schedules for sunscreen at a small beach are shown below. Market for…
A: Given Price (dollars per bottle) Quantity of Sunscreen Demanded (bottles) Quantity of Sunscreen…
Q: (Fill in the 4 blanks. For numbers, use two decimal places when necessary.) There are 1,000…
A: In a PC market, a firm will producer at the point where its AR=MR, and that is its short-run…
Q: What happens to the price and quantity of surf boards when the surfing conditions are optimal. P…
A: "Price is the payment that is made for a good or service." "Willingness to pay is the maximum price…
Q: The demand curve for a swivel chair is given by p = 4000(3-q) dollars per swivel chair, where p is…
A:
Q: Suppose the price for an Uber ride in Austin, TX decreases from $15 to $12 causing the quantity of…
A: The midpoint formula for calculating the price elasticity of demand is given below. Price elasticity…
Q: An externality arises when a firm or person engages in an activity that affects the wellbeing of a…
A: In a market, two types of externalities are positive and negative that depends upon the effect of an…
Q: It’s increasingly clear that many postings on blogs and product reviews on Web sites are fake or are…
A: Information asymmetry refers to the phenomenon in which one of the two, or more parties involved in…
Q: Q.3 - An economist has estimated demand of D = 1000 − P and Supply of S = 400 + 10R for onions,…
A: Given : D = 1000 − P S = 400 + 10R
Q: Given the inelastic demand for water, how might this impact the profits of the companies that…
A: In the following question it is not mention that demand for water is price inelastic or anything…
Q: The demand curve for rooms at a hotel in Oakland is given by PD = 250 - 1.5*QD. The supply curve of…
A: please find the answer below.
Q: In a market, the consumer surplus is 800,000 units and the producer surplus is 100,000. Which of the…
A: Here, it is given that at the market operating output level, consumer surplus is 800,000 and…
Q: Classifying a good as rival means A. that the good is produced in a competitive market. B.…
A: The answer to the question is as follows :
Q: When there is a deadweight loss in the market, the marginal benefit must be larger than the marginal…
A: Marginal benefit is the advantage that an individual gets from devouring one more unit of a…
Scenario 2
The demand for clean streets in a neighborhood is Q = 125 – P. For each of the following questions, do not worry whether there are enough streets in the neighborhood.
Refer to Scenario 2. At what marginal cost would the optimal amount of clean streets be 100 , 50?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Principles of Microeconomics Prof. Pinyuan Dong Due October 12, 2022 Problem Set 2 A. Suppose the demand and supply for the market of cigarettes in a city is given by QD = 400-50P, Qs = 50P. 1. Graph the demand and supply curves. What is the market equilibrium price and quantity? 2. The city council wants to discourage smoking. If the socially optimal demand for cigarettes is QD 200-50P, what can the city council do to achieve the socially optimal demand? 3. What is the quantity of cigarette sold after the government takes appropriate actions? How much do consumers pay and how much do producers get? Is the government action effective in its objective of discouraging cigarette consumption? B. Suppose the local gas station in a small town sells regular gasoline at $4/gallon. The gas station sells 100 gallons in a day. Due to global gas prices, it increased the price to $5/gallon. The next day, the gas station is only selling 90 gallons a day 1. Using these two points, calculate the price…What is the efficient outcome in this market? Equivalently, which types of bikes should changetheir owners to maximise the social welfare?Air is necessary for life, is the marginal benefit of air large or small?
- 1.Explain specifictly how to overcome and solve the major problem of Mcdonal's company from polluting the water? 2. Explain specifictly how to stop the staff from throwing unethically waste inside the water? 3. Explain what the company will do if the staff still throwing unethically waste in the water?1. Road construction is going on Riccarton Road. 100 Uber drivers want to drop their passengers at the airport. Each driver is deciding whether to take Riccarton Road or take Blenheim Road. The cost of travelling through Riccarton Road is $10 (additional fuel required due to slow traffic), while the Blenheim Road route has a low fuel cost (theoretically let's assume $0) but takes more time to reach the airport. In deciding on a route, each driver cares only about income, denoted i, and his travel time, denoted t (where we have made the dollar value of one unit of travel time equal to 1). Driver's payoff is assumed to be his/ her profit (income - cost of travelling, including travel time). Assume that each driver has same income of $500. If m drivers are on Riccarton Road, the travel time for a driver on Riccarton Road is assumed to be m (in dollars). In contrast, if m drivers take Blenheim Road, the travel time for those on the Blenheim Road is 2m (again, in dollars). Drivers make…3. The figure shows supply and demand for planting trees, based on private costs and private value. Trees sequester carbon, meaning that they help counteract pollutants that contribute to climate change. Supply is given by P=(1/5)Q+4. Price of trees ($) 16 vlleiona sdi toode grind of gaitneleon oxibiadua Insamovog od bluoria doum woll > (laval lernitqo siooz - love pioiflo aniH) Sninaly sou to level insioifto Quantity of trees 80 Vanui D=PV=SV a. Suppose that the carbon sequestration that results from planting a tree is worth $4. Graph the social cost curve for tree planting that accounts for the positive externality indo of trees. O noitesubs sgo lovel yus 101 aftened steving sdh besoxs noitesubs 02/20 exibiadure of me 1944an2be agellos to innome insisifie yllisimmanoce sil oiterubo ogollos to calv b. Ignoring the positive externality, how many trees will be planted? uba
- Say that you are a manager with the Transportation Security Administration (TSA). The table below shows fictional estimates of the marginal benefit and marginal cost of additional TSA security lines at Mahlon Sweet Field, the airport in Eugene, Oregon. Number of Marginal In this space, draw the graph of the marginal data from the left columns. Answer these questions below using the data table and graph. Benefit 3. Security Lines 1 2 3 4 5 6 $10,000 9,000 7,000 5,000 4,000 3,000 Marginal Cost $2,000 3,000 4,000 5,000 8,000 12,000 The surplus of the marginal benefit over cost for the second security line is $ and $ for the third security line. If your goal is to maximize total surplus, you WILL / WILL NOT (circle one) operate a third security line. The optimal number of TSA security lines is because this is where the marginal equals the marginal which maximizes totalExplain the efficiency condition for Public Goods. Also draw the graph and interpret the graph.1. Solve for the graph and aggregate demand of the city’s 30 residents as functions of the number of trees. Label intercepts slopes and intersection of two sections. 2. Assume that the city can obtain each tree at a constant marginal cost of 200. Solve the socially efficient numbers of trees for the city to purchase.
- 3. Now reconsider the issue of soybeans from the perspective of Chinese consumers. Assume you are a Chinese consumer who drinks soymilk each day. Demonstrate using a graph how your consumption of soymilk differs from the socially optimal level. Is the price you pay for soymilk in current market conditions the correct amount, too high, or too low? Why? Ensure that you label your graph correctly (all curves, axes, price and quantities labeled). Show the deadweight loss of soymilk consumption, and what price should be charged for soymilk to move the amount of soymilk you drink to the optimal level.4.00 3.50 3.00 2.50 2.00 1.50 1.00 D. 0.50 1. 6. 8. 6. 10 11 12 13 14 15 Quantity (thousands of dozens per month) At a price of $1.50 per dozen, how many bagels are supplied per month? 5. 4. 3. 2. Price per dozen bagels3. The Centers for Disease Control and Prevention (CDC) has a new vaccine against a disease and are trying to determine the optimal percentage of the population that should be vaccinated. They do not recommend vaccinating the whole population against the smallpox virus because the vaccine has undesirable, and sometimes fatal, side effects. Suppose the following table gives the data about the effects of the vaccine. a. Calculate the Marginal Benefit (in terms of how many extra lives are saved by the vaccine) and the marginal cost (in terms of how many extra lives are lost due to side effects) of each 10% increment of the vaccination. Write your answers on the appropriate columns above. b. Using marginal thinking, determine the optimal percentage of the population that should be vaccinated. Explain your answer.