Review the table below ,which shows the quantity supplied and quantity demanded for a private good. Price quantity supplied quantity demanded  $1 3 7 $3 4 6 $5 5 5 $7 6 4           Assume the market shown is a perfectly competitive and has  social costs that exceed private costs . If these social costs were reflected in the market , how many goods would be exchanged . a) fewer than 5 units b) 5 units c) 6 units d)more than 6 units e) indeterminate

In the market for a pair of shoes, Jena is willing to pay $75 for a pair while Jane is willing to pay $85 for a pair. The actual price that each must pay for a pair of shoes is $65. What is the combined amount of consumer surplus of Jena and Jane? Multiple Choice   $10   $160   $30   $20

On the basis of the three Individual demand schedules below, and assuming these three people are the only ones in the society, determine (a) the market demand schedule on the assumption that the good is a private good and (b) the collective demand schedule on the assumption that the good is a public good Instructions: Enter your answers as whole numbers (in the gray-shaded cells). Individual #1 Individual #2 Individual #3 (a) Private Demand (b) Public Demand Od Qd Price Qd Price Qd Price Price Qd Price $8 $8 $8 $8 1 1 7 2 7 2 7 2 7 2 6 3 6 3 6 3 6 3 4 4 4 4 5 5 5 4 5 5 4 5 4 5 4 3 6 6 6 3 6 2 7 2 7 2 7 2 7 1 8 1 8 1 8 1 8

Use the following information to answer Questions 1 - 4: In a competitive market for fresh lemonade, the market demand for 12-ounce servings is QD = 100 – 10P and the market supply is QS = 15P. Calculate the competitive market equilibrium price. Calculate the competitive market equilibrium quantity. Calculate Total Surplus at the competitive market equilibrium. Now suppose that the production of lemonade caused a costly negative externality on innocent bystanders (e.g., squirted acidic lemon juice in their eyes). Given the externality, would the unregulated market price of lemonade from 1 be efficient? If not, is it too high o too low?