The market for pens in Howards is perfectly competitive with no externalities. Market demand is given by Q=165-P. Market Supply is given by Q=P-16.What is total Surplus in this market?

ECONOMICS Please Show Your Work With an Explanation This problem set explores what happens to pricing when we add network effects, which are a specific form of positive externality.   You’ve invented a 3D fax machine. This cool technology is almost like a Star Trek teleporter. You can scan an object at one machine, which creates an exact copy at another 3D fax machine. It is so valuable that as more people use it, it becomes more valuable, and the price any given user is willing to pay increases in turn.   Consider a scenario in which there are 12 possible users, who each value the fax machine at i*n, where i is the index of that user (from 1 to 12), and n is the number of other purchasing users. So, if no one buys the 3D fax machine, everyone values it at 0. However, as soon as one person buys the device, then the 12 possible users begin to value the product at 1, 2, … 12, respectively. If 2 people purchase, the 12 possible users’ valuations increase to 2, 4, … 24, and so on. Because…

The figure to the right shows the market for one-bedroom apartments in Calgary. If this market is initially unregulated, thousand units will rent for a price of $ per month. Suppose however, the city imposes the controlled price shown in the figure. In this case, in the short run, the market experiences an excess of thousand units. In the long run, if the controlled price remains in place, the market will show a of thousand units. This analysis indicates that as time passes, rent controls will cause housing shortages to Rental Price ($ per month) 905 610 Rental Housing Market Sshort run Slong run Controlled Price 24 50 60 Quantity of Rental Units (Thousands)

Please think of one example of a product that you use on a regular basis for which some of the cost of production or consumption are externalized. Please explain. What will be the long-term cost for or impact on society of this externalization? How much more would you be willing to pay for that product in order to have all costs factored into the price?