Eco 440_PS3

docx

School

Grand Valley State University *

*We aren’t endorsed by this school

Course

440

Subject

Economics

Date

Feb 20, 2024

Type

docx

Pages

Uploaded by HighnessValorElephant30

Eco 440: Public Economics and Ethics Problem Set 3 (Gruber, Chapter 2) Instructor: Christopher Cruz, PhD Due date: Feb 8, 2024, 11:59PM Name: Bradley Huizinga 1. Consider the utilitarian social welfare function and the Rawlsian social welfare function, the two social welfare functions described in this chapter. Which one is more consistent with a government that redistributes from rich to poor? Which is more consistent with a government that does not do any redistribution from rich to poor?  Utilitarianism focuses on maximizing overall societal happiness or welfare. In the context of redistribution, a utilitarian social welfare function would support government policies that aim to maximize the total well-being of society.  Rawlsian, developed by philosopher John Rawls, focuses on principles of justice and fairness. The Rawlsian social welfare function emphasizes the well-being of the least advantaged members of society. 2. Problem Solving. Refer to the figure below and show your calculation. a. At the equilibrium price, how much is the total surplus?  Total surplus + Consumer surplus = Total Surplus  25+25=50  50 is total surplus b. If the government imposed a price ceiling of $15, how much is the total surplus? DWL?  Total surplus would become 15$.  DWL would be 10$. c. If the government imposed a price floor of $35, how much is the total surplus? DWL?  Total surplus would be 35$.

 DWL would be 15$.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Related Documents

ENT PRES 2.pptx

Carter Racing A Case Write Up.pdf

health insurance and employment.docx

Lesson 53 Writing Assignment.docx

MAT 240 Module Two Assignment Template (2).docx

MAT 240 Module Three Assignment Template.docx

Eco 440_PS1.docx

Eco 440_PS5.docx

Activity 11.docx

Energy paper (1).docx

epp_assignment09.pdf

epp_assignment07.pdf

Recommended textbooks for you

ECON MICRO

Economics

ISBN:9781337000536

Author:William A. McEachern

Publisher:Cengage Learning

EBK HEALTH ECONOMICS AND POLICY

Economics

ISBN:9781337668279

Author:Henderson

Publisher:YUZU

Principles of Economics (MindTap Course List)

Economics

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:Cengage Learning

Principles of Microeconomics (MindTap Course List)

Economics

ISBN:9781305971493

Author:N. Gregory Mankiw

Publisher:Cengage Learning

Principles of Economics, 7th Edition (MindTap Cou...

Economics

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:Cengage Learning

Microeconomics: Private and Public Choice (MindTa...

Economics

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:Cengage Learning

SEE MORE TEXTBOOKS

Recommended textbooks for you

ECON MICRO
Economics
ISBN:9781337000536
Author:William A. McEachern
Publisher:Cengage Learning
EBK HEALTH ECONOMICS AND POLICY
Economics
ISBN:9781337668279
Author:Henderson
Publisher:YUZU
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Principles of Microeconomics (MindTap Course List)
Economics
ISBN:9781305971493
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Principles of Economics, 7th Edition (MindTap Cou...
Economics
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning