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- 7. Define the principles of diminishing marginal utility and increasing marginal costs. How are they relevant to the equilibrium point？ 8. How do you market systems achieve perfect efficiency? 9. In what three wats do perfectly competitive free markets establish perfect morality?a) Consider that 2 agents make up the demand side of a market. Person A's marginal benefits are MBA 60-0.25Q, and person B's marginal benefits are MBB 60 GB Find market-level marginal benefits1. There are two brands of cigarettes X, Y. The demand for each is as follows: Qx = 80 - 2p Qy = 60 - 0.5p Assume that the marginal cost of producing cigarette X is $10, the marginal cost of producing cigarette Y is $8, and that the market for both cigarettes is perfectly competitive. Assume that each pack of cigarette X smoked does $5 worth of health damage to the smoker, and a total of $4 worth of health damage to the smoker’s neighbors via second-hand smoke. Each pack of cigarette Y smoked does $6 worth of health damage to the smoker, and $5 health damage to the smoker’s neighbors. (a) Explain why the public supply curves differ from the private supply curves, and how this represents the externality from second-hand smoke. Highlight the area(s) of your diagram that represents a social loss. (b) Calculate the social loss for both. (c) Suppose the government decides to pursue a Pigouvian solution to eliminate social loss. What's amount of tax or subsidy would the government…
- 1. There are two brands of cigarettes X, Y. The demand for each is as follows: Qx = 80 - 2p Qy = 60 - 0.5p Assume that the marginal cost of producing cigarette X is $10, the marginal cost of producing cigarette Y is $8, and that the market for both cigarettes is perfectly competitive. Assume that each pack of cigarette X smoked does $5 worth of health damage to the smoker, and a total of $4 worth of health damage to the smoker’s neighbors via second-hand smoke. Each pack of cigarette Y smoked does $6 worth of health damage to the smoker, and $5 health damage to the smoker’s neighbors. (a) Plot the private demand curve and private supply curve for both cigarettes on separate axes. (b) What is the privately efficient quantity demand of both cigarettes? (c) Add the public supply curves to the graphs you plot in (a). (d) What is the socially efficient quantity demand of both cigarettes?(J) Suppose the production process of a particular good creates a negative externality such as pollution. Other things being equal, would society be better off if this good were produced by a perfectly competitive market or by a monopoly? a. Society would be better off if this good were produced by a perfectly competitive market, because a perfectly competitive market responds to consumers' desires in the long run b. Society would be better off if this good were produced by a perfectly competitive market, because a perfectly competitive market will produce the quantity where Marginal Revenue equals Marginal Cost c. Society would be better off if this good were produced by a monopoly,2. The government of Beach Island is currently inviting investors to bid for the exclusiveright to provide satellite television broadcast service to its residents. The marketdemand for this service is P=55-0.01Q, where Q is the number of households thatwould subscribe to the service and P is the monthly fee charged to the subscribers.The associated marginal revenue curve is MR=55-0.02Q. Funtime TV Company isinterested in bidding for the right to provide this service on Beach Island. It has aconstant average and marginal cost of R5 for providing the service to each household.(Hint: Write your answers in R and no decimals).A. If Funtime TV Company were to be awarded the exclusive right to provide cableservice on Beach Island, how many households would it service?B. If Funtime TV Company were to be awarded the exclusive right to provide cableservice on Beach Island, what price would it charge per household per month?C. If Funtime TV Company were to be awarded the exclusive right to…
- Which are the two key ’problems’ encountered in aggregating on the consumer side, and why it not occurs on the producer side ? Pls short answer in 15-20 SentencesUse Table 11.5 to calculate the four-firm concentration ratio for the U.S. auto market. Does this indicate a concentrated market or not?As a result of globalization and new information and communications technology, would you expect that the definitions of markets that antitrust authorities use will become broader or narrower?
