Answer to question #4 The solar roof panel industry has really taken off in recent years. Homeowners typically will makethe decision whether to purchase solar panels for their roofs based on the price of the solar paneland the perceived private benefit, which includes lower energy costs of powering their homes.In addition to the private benefits of solar roof panels, there are also large societal benefits in theform of reduced dependence on fossil fuels (coal, oil, etc.), which create more pollution than solarenergy sources. Unfortunately, homeowners don't consider these societal benefits when decidingwhether or not to purchase solar roof panels.1. Assuming perfect competition, use the space below to graph the market for solar roof panels.The graph does not need to include specific numbers or values but should include:a) Clearly-labeled x- and y-axisb) A clearly-labeled supply curvec) A clearly-labeled private marginal benefit (or demand) curved) A clearly-labeled social marginal benefit curvee) The market equilibrium price and quantity2. Draw and label the socially optimal quantity of solar roof panels on your graph.3. Does the market produce an over-consumption or under-consumption of solar roof panels?Why?4. Depending on whether there is an over-consumption or under-consumption, thegovernment could choose to tax or subsidize the cost of solar roof panels to produce thesocially optimal level of consumption. Depending on your answer to question 3, indicatewhether a tax or a subsidy would be appropriate in this case. Describe the effect of the taxor subsidy on equilibrium price and quantity and illustrate it on your graph above.

Underconsumption refers to a situation in which the quantity of a good or service consumed is less…

4. Depending on whether there is an over-consumption or under-consumption, the government could choose to tax or subsidize the cost of solar roof panels to produce the socially optimal level of consumption. Depending on your answer to question 3, indicate whether a tax or a subsidy would be appropriate in this case. Describe the effect of the tax or subsidy on equilibrium price and quantity and illustrate it on your graph above.

4. Depending on whether there is an over-consumption or under-consumption, the government could choose to tax or subsidize the cost of solar roof panels to produce the socially optimal level of consumption. Depending on your answer to question 3, indicate whether a tax or a subsidy would be appropriate in this case. Describe the effect of the tax or subsidy on equilibrium price and quantity and illustrate it on your graph above.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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* MindTap - Cengage Learning b Answered: Homework (Ch 17) En x + A ng.cengage.com/static/nb/ui/evo/index.html?deploymentld=59828118170010561930692029148&elSBN=9780357133606&id=1270090919&snapshotld=2556323& E Apps M Gmail A Maps A clickserve.dartsearc. E Reading list YouTube « * CENGAGE MINDTAP Q Search this course Love v A My Home Homework (Ch 17) Courses Complete the following table by indicating whether each of the scenarios describes the concept of tying, resale price maintenance, or predatory O Catalog and Study Tools pricing. Resale Price Predatory Pricing A-Z EE Rental Options Scenario Tying Maintenance Coolaire is the only firm producing refrigerators. It costs $1,000 to produce a refrigerator, and - College Success Tips Coolaire sells each refrigerator for $1,200. After Chillbox, a new firm with the same costs as Career Success Tips Coolaire, enters the market for refrigerators, Coolaire starts selling its refrigerators for a price of $550. ? Help Snackyville sells a wide…