Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter P4, Problem 8KC
To determine
The action to make against the negative externality producing firm.
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In a far away country called Monopolyland, there is only one producer of board games. The market demand for board games is P = 800 - Q and CMg = 50 + Q.(a) Determine the price and quantity of board games traded in this country. (Hint: IMg = 800 - 2Q)(b) Determine the social loss incurred by the existence of this monopoly.(c) What action should the country's authority take to maximise social welfare? What quantity and price would there be in this case?
QUESTION 19
(choose the correct answer)
In some cases, markets:
Can produce public goods.
Can prohibit public goods.
Are wholesome.
Satisfy everyone in society.
Make everyone happy.
Instructions: Based on what you have learned, discuss or share your experiences
for each implication on how media and information affect you as an individual.
Implications of Media and Information
Your experience
Media and information improve quality of
life
Media and information for greater political
participation
Media and information promoting
economic opportunities
Media and information for improvement of
learning environment
Media and Information individuals as
more cohesive social units
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