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- Reler to the producton possbity frortier below tor a town that produces Ice creams and Jelly beans. The maximum amount of loe creame is 50o0 with no Jety besne, or 20,000 Jely beans with no loe creams CREAMS 20,000 Answer brietly these TWO questions in the box space provided below Part A Assuming efficient production, derive the maximum amount of Jelly beans that can be produced along with 300 loe creams * Show your steps. Part Determine if the production point is feasible and efficient Ice creams 250, Jely beans = 8.000. Show your stepsFour roommates are planning to spend the weekendin their dorm room watching old movies, and theyare debating how many to watch. Here is theirwillingness to pay for each film:Dwayne Javier Salman ChrisFirst film $7 $5 $3 $2Second film 6 4 2 1Third film 5 3 1 0Fourth film 4 2 0 0Fifth film 3 1 0 0a. Within the dorm room, is the showing of a moviea public good? Why or why not?b. If it costs $8 to stream a movie, how many moviesshould the roommates stream to maximize totalsurplus?c. If they choose the optimal number from part (b)and then split the cost of streaming the moviesequally, how much surplus does each personobtain from watching the movies?d. Is there any way to split the cost to ensure thateveryone benefits? What practical problems doesthis solution raise?e. Suppose they agree in advance to choose theefficient number and to split the cost of the moviesequally. When Dwayne is asked his willingness topay, will he have an incentive to tell the truth? Ifso, why? If not, what will he…The graph shows the marginal cost of producing stuffed animals and the marginal benefit from stuffed animals in Oakdale. Oakdale achieves allocative efficiency if O A. the largest quantity of stuffed animals possible is produced OB. 6 stuffed animals an hour are produced O C. 15 stuffed animals per hour an produced OD. people's marginal benefit from a stuffed animal exceeds the marginal cost of producing it 18- 15- 12- d 6- 3- i 04 0 Dolls per stuffed animal -3 6 9 12 Stuffed animals per hour MC MB 15
- Wireless, high-speed Internet is provided for free inthe airport of the city of Communityville.a. At first, only a few people use the service.What type of a good is this and why?b. Eventually, as more people find out aboutthe service and start using it, the speed of theconnection begins to fall. Now what type of agood is the wireless Internet service?c. What problem might result and why? What is onepossible way to correct this problem?Which type of externalities does the lumber industry have when more trees are planted? A. Negative externalities in consumption. B. Positive externalities in production. C. Positive externalities in consumption. D. Negative externalities in production. E. Pecuniary externalities. F. No externality problem. OB OA OC OE OFTime Determine the type of market failure (if any) represented by the scenario below: A student reading a novel in her apartment. Select one: O a. asymmetric information Ob. positive externality Oc. public good O d. negative externality O e. no externality occurs Finish atte
- Explain how a government can use a tax on dry cleaning to bring about the efficient level of production. OA. The government can use a tax to decrease the marginal private benefit of consuming dry cleaning to equal the marginal social benefit. OB. The government can use a tax to decrease the marginal social cost of producing dry cleaning to equal the marginal private cost. OC. The government can use a tax to increase the marginal private cost of producing dry cleaning to equal the marginal social cost OD. The government can use a tax to increase the marginal private benefit of consuming dry cleaning to equal the marginal social benefit. OE. The government can use a tax to decrease the marginal private cost of producing dry cleaning to equal the marginal social cost What should the value of the tax be? The tax should be $ per unit (Enter your response rounded to two decimal places) How large is the deadweight loss (in dollars) from excessive dry cleaning, according to the figure? The…1. What is meant by Public Policy? a. State an Introduction, Defination and Conclusion.'think about the goods and scrvia,s provided by yourlocal govenuncnta. Using the classification in Figure 1, exp la.in wruchcategory each of the following goods falls into:• police protection• snow plo,-.ring• education• rural roads• city streetsb. Why do you think the government provides itemsthat a,e not public goods?
- The government provides public goods because Select one: O a. private markets are incapable of producing these types of goods. O b. free-riders make it difficult for private markets to supply the socially optimal quantity. O c.external benefits will accrue to private producers. O d. markets are always better off with some government oversight.Imagine a scenic canyon, visited by many local people as well as tourists from beyondthe local area. Consider a scenario in which a mining company has proposed to the localauthority that it be closed to the public and put into the production of coal. Thinking interms of economics as a way of adjudicating the relative value of one use of the canyon overthe other, what would you need to know in order to make a comparison or assessment?What kinds of quantitative data would inform your decision, and where might they comefrom? What kinds of things might you need to know that are hard to measure? Once youhave listed the kinds of information and data that might be available to inform this decision, do you think it would be sufficient to making this decision, why or why not?Someone might oppose the Clean Power Plan when its benefits exceed its costs because O A. climate change is not a scientific fact O B. for a given individual, the cost might exceed the benefit O C. the costs of the Clean Power Plan are excessive and will drive up electricity prices by too much O D. to agree with the Clean Power Plan is not making a decision at the margin
