Specialized electronic batteries, such as those for laptops, are hard to dispose of safely, yielding excess pollution when one gets thrown away. Suppose that producing these batteries creates a social cost of $150 per unit. Please shift the appropriate curve(s) to reflect this social cost. 1000 900 800 Private Cost Which of the following is the label of the curve that shifted? Supply private 700 600 ST 500 400 300 200 100 0 0 Demand 1000 2000 3000 4000 5000 6000 7000 8000 Quantity of Laptops Supply social Demand private Demand social

Specialized electronic batteries, such as those for laptops, are hard to dispose of safely, yielding excess pollution when one gets thrown away. Suppose that producing these batteries creates a social cost of $150 per unit. Please shift the appropriate curve(s) to reflect this social cost. 1000 900 800 Private Cost Which of the following is the label of the curve that shifted? Supply private 700 600 ST 500 400 300 200 100 0 0 Demand 1000 2000 3000 4000 5000 6000 7000 8000 Quantity of Laptops Supply social Demand private Demand social

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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This is an end-of-chapter problem that I'm struggling with! thanks!
Air pollution creates a negative externality—a cost suffered by a third party as a result of an economic transaction. A standard solution to a negative externality is a Pigouvian tax, a tax that raises the marginal private cost of pollution emissions to the level of the marginal social cost. The socially optimal quantity of pollution emissions is then determined by the intersection of the marginal private benefit, or demand, curve and the marginal social cost curve. The article notes that "putting a dollar value on the benefits of cleaner air has been difficult." Assuming this problem has been resolved, in the accompanying diagram, move the endpoints of line Smarginal social cost to show the marginal social cost curve. Then move the line labeled "Tax" to show the amount of the tax needed to limit emissions to the socially optimal level.
In the film, The Dark Water 2019, Ducont a huge chemical firm dumps it's waste in air, land and water knowing it's has harmful effects to humans and animal. In reference to the firm answer the set of questions below: (a) What is the cause of the externality in the 2019 film The Dark Water? Determine whether the Coase theorem applies in the film, if not, what results in the theorem breaking down?
Parks confer many external benefits on society: open space, trees that reduce pollution, and so on. Therefore, the market equilibrium quantity of parks is not equal to the socially optimal quantity. The following graph shows the demand for parks (their private value), the supply of parks (the private cost of producing them), and the social value of parks, including both the private value and external benefits. Use the black point (plus symbol) to indicate the market equilibrium quantity. Next, use the purple point (diamond symbol) to indicate the socially optimal quantity.
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In 1998, California became the first state to adopt rules requiring many sport utility vehicles, pickups, and minivans to meet the same pollution standards as regular cars, effective in 2004. As the deadline drew near, a business group (which may have an incentive to exaggerate) estimated that using the new technology to reduce pollution would increase vehicle prices by as much as $7,000. A spokesperson for the California Air Resources Board, which imposed the mandate, said that the additional materials cost was only about $70 to $270 per vehicle. Suppose that the two major producers are Toyota and Ford, and these firms were price setters with differentiated products. Show the effect of the new regulation. Is it possible that the price for these vehicles would rise by substantially more than the marginal cost would? Explain your answer.
Consider the following table, describing each person's willingness to pay for different levels (units) mosquito control. Mosquito control is a public good for this society. Demand for Mosquito Control Person A Level WTP($) Person B Person C WTP($) WTP($) 10 25 16 15 20 20 14 12 30 15 12 8. 40 10 10 6. 50 5 8 3 The marginal cost of producing one unit of mosquito control is $35 and constant. Assuming there is no Free-Rider issue, the private level of mosquito control supplied would be units. The optimal level of mosquito control however, would be units.
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Chapter 10 The first government employee suggests reducing pollution through regulation. To meet the pollution goal, the government requires each firm reduce its pollution by 2 units. Complete the following table with the total cost to each firm of reducing its pollution by 2 units. Firm Total Cost of Eliminating Two Units of Pollution (Dollars) Firm A Firm B Firm C ☐☐ Method 2: Tradable Permits Meanwhile, the other employee proposes using a different strategy to achieve the government's goal of reducing pollution in the area from 1 6 units. This employee suggests that the government issue two pollution permits to each firm. For each permit a firm has in its possession, i 1 unit of pollution. Firms are free to trade pollution permits with one another (that is, buy and sell them) as long as both firms can agree on For example, if firm A agrees to sell a permit to firm B at an agreed-upon price, then firm B would end up with three permits and would nee reduce its pollution by only 1 unit…
Air horns impose many external costs on society: the risk of being deafened, the annoyance of being awakened in the middle of the night, and so on. Therefore, the market equilibrium quantity of air horns is not equal to the socially optimal quantity. The following graph shows the demand for air horns (their private value), the supply of air horns (the private cost of producing them), and the social cost of air horns, including both the private cost and external costs. Use the black point (plus symbol) to indicate the market equilibrium quantity. Next, use the purple point (diamond symbol) to indicate the socially optimal quantity.
I Price and cost (thousands of dollars per student) 20 16 12 8 0 200 A) 0 students; 400 students B) 600 students; 600 students C) 400 students; 600 students D) 600 students; 400 students E) 400 students; 400 students S = MC MSB MB 400 600 800 1,000 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 market, the equilibrium number of students being privately educated is and the efficient quantity is