Quantity (students per year) 35) 35) The figure above shows the market for private elementary school education in Chicago. There is no external cost of private elementary education. If the government does not intervene in this and the market, the equilibrium number of students being privately educated is, efficient quantity is, A) 0 students; 400 students B) 600 students; 600 students C) 400 students; 600 students D) 600 students; 400 students F) 400 students: 400 students
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- ll Fido ? 2:29 PM 84% ezto.mheducation.com - Private Problem 4-4 [Algorithmic) ADVANCED ANALYSIS Given the following diagrams: Q1 = 15 bags, Q2 = 10 bags, Q3 - 22 bags. The market equilibrium price point b is $40 per bag. The price at point a is $70 and the price at point c is $10 per bag. The price at point d is $50 and the price at point e is $30 per bag. The price at point f is $54 and the price at point g is $26 per bag. Apply the formula for the area of a triangle (Area = 2 x Base x Height) to answer the following questions. (a) (b) Emcency bss from underproduction Emcency los from overproduction Quantity (Bags) Quantity (Bags) a. What is the dollar value of the total surplus (producer surplus plus consumer surplus) when the allocatively efficient output Q, level is being produced? How large is the dollar value of the consumer surplus at that output Q, level? Instructions: Round your answer to one decimal place. b. What is the dollar value of the deadweight loss when output level…EOC 11.04 Two businesses, X and Y, each dump 20 tonnes of pollution into a creek. In an effort to reduce pollution, the government will now require businesses to have a pollution permit to dump pollutants in the creek. Each business receives 10 pollution permits and they can use it to pollute or sell it to the other business (but lose the ability to pollute). To reduce pollution it costs business X $100 per tonne of pollutant eliminated and it costs business Y $50 per tonne of pollutant eliminated. Once the two businesses have traded these permits with each other, what is the likely outcome? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a business X emits 10 tonnes of pollutants and business Y emits 10 tonnes of pollutants. b business X no longer pollutes, and business Y will not lower the amount it pollutes. business X raises its pollution, and business Y will lower how much it pollutes. business Y no longer pollutes, and…4) A new vaccine against deadly disease has just been discovered. Presently, 55 people die from the disease each year. The new vaccine will save lives, but it is not completely safe. Some recipients of the shots will die from adverse reactions. The projected effects of the inoculation are given in the accompanying table: % of population Total deaths Total deaths Marginal benefit of Marginal cost of inoculation inoculated due to disease due to inoculation inoculation 55 10 45 20 36 30 28 3 40 21 6. 50 15 10 60 10 15 70 20 80 3 25 90 30 100 35 Calculate MB and MC of inoculation. What proportion of the population should optimally be inoculated?
- 8. The Canadian National Advisory Committee on Immunization (NACI) recommended against vaccinating the whole population against the smallpox virus because the vaccination has undesirable, and sometimes fatal, side effects. Suppose the accompanying table gives the data that are available about the effects of a smallpox vaccination program. Percent of population vaccinated 0% 10 20 30 40 50 60 Deaths due to smallpox 200 180 160 140 120 100 80 Deaths due to vaccination side effects 0 4 10 18 33 50 74 a. Calculate the marginal benefit (in terms of lives saved) and the marginal cost (in terms of lives lost) of each 10% increment of smallpox vaccination. Calculate the net increase in human lives for each 10% increment in population vaccinated. b. Using marginal analysis, determine the optimal percentage of the population that should be vaccinated.Marginal Benefit (MB) MBBETA to Firm MBALPHA Tax = $100 25 50 75 100 Emissions (tons) Figure 16.5 Figure 16.5 shows the marginal benefits of emitting pollution for the only two chemical companies in an industry, Alpha Chemicals and Beta Chemicals. Before any tax on pollution emissions is imposed, each company views pollution as being free. Refer to Figure 16.5. The government decides to impose a tax on pollution of $100 per ton of emissions. Which of the follow are true? (Select all that are true) O a. As a result of the tax, the total emissions will decrease by 50 units O b. As a result of the tax, both firms will decrease emissions by the same amount O c. As a result of the tax, Alpha will cut more emissions than Beta O d. Before the tax, Beta produced more emissions than Alpha O e. The amount of tax collected is $2500 O f. After the tax, Beta will produce 50 tons more than Alpha Og. The tax was intended to decrease production by 50 units for each firm. O h. As a result of the tax,…Figure 5-4Suppose there are several paper mills producing paper for a market. These mills, located upstream from a fishing village, discharge a large amount of wastewater into the river. The waste material affects the number of fish in the river and the use of the river for recreation and as a public water supply source. Figure 5-4 shows the paper market. Use this Figure to answer the following question(s).Refer to Figure 5-4. What does S1 represent? Question 4 options: A) the market supply curve that reflects social cost B) the market supply curve that reflects only external cost C) the market supply curve that reflects only private benefit D) the market supply curve that reflects private cost
- MSC 10 4 MSB 100 200 300 400 500 600 Quantity (dozens of doughnuts per day) 18) The above figure shows the marginal social benefit and marginal social cost curves of doughnuts in the nation of Kaffenia. There is no external benefit. What is the marginal benefit to the citizen of Kaffenia who consumes the 100th dozen doughnuts each day? [5 POINTS] A) $10.00 per dozen B) $8.00 per dozen C) $6.00 per dozen D) $4.00 per dozen 19) The above figure shows the marginal social benefit and marginal social cost curves of doughnuts in the nation of Kaffenia. What is the marginal social cost to the economy of Kaffenia of producing the 100th dozen doughnuts each day? [4 POINTS] A) $10.00 per dozen B) $8.00 per dozen C) $6.00 per dozen D) $4.00 per dozen Marginal cost and marginal benefit (dollars per dozen)How expensive public transport is impact on people with low salary ? Graph it.What is an externality?
- HighFlyer Airlines wants to build new airplanes with greatly increased cabin space. This will allow HighFlyer Airlines to give passengers more comfort and sell more tickets at a higher price. However, redesigning the cabin means rethinking many other elements of the airplane as well, like engine and luggage placement, and the most efficient shape of the plane for moving through the air. HighFlyer Airlines has developed a list of possible methods to increase cabin space, along with estimates of how these approaches would affect the planes operating costs and ticket sales. Based on these estimates, Table 13.5 shows the value of R, how much should the firm invest in R on top of the private return; that is, an R private return to HighFlyer Airlines would have a 9 social return. How much investment is socially optimal at the 6 interest rate?1. What are the three possible results (or findings) from the use of control charts?11 The demand for education in the market is given by D(p) = 100000 - p where D(p) is the number of degrees. (a) if the market is competitive where the cost to each provider of a degree is $10000, then what is the equilibrium number of degrees and equilibrium price? (b) suppose that there is external benefit of $10000 per degree. what is the efficient number of degrees? (c) draw a diagram with relevant marginal values and marginal costs showing the competitive outcome, the efficient outcome, and the lost surplus from a competitive market. label the relevant curves and the relevant outcomes.