Classify what happens to the market in the Outcomes column. WATERMELON DEMANDED PRICE WATERMELON SUPPLIED OUTCOMES $4.00 300 100 $4.50 250 150 $5.00 200 200 $5.50 150 250 $6.00 100 300
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- Your grandmother likes old-fashioned yard salesand doesn’t understand why everyone is so excitedabout eBay. Explain to her why the creation of amarket that enables people who don’t live in thesame town to buy and sell used goods increasestotal surplus over the yard-sale market.Economics 103-2 -3 -4 -5Your Name:__________________________________________Professor FriedmanYour TA:____________________________________________Spring 2016Your Section Time and Day:_____________________________Date Tuesday February 16 (UMass Monday)Please write neatly!Class 8, Quiz 6: To be done at home and handed in to TA sectionNote that you may work with one other person from your TA section.Externalities and Coase’s theoremYou have an insane roommate who plays “Let it Go†(from Frozen) on repeat on her phone allthe time and thinks that everyone should put on pink tutus and sing very loudly and dance to it.You share your apartment with him and with three others. Three of you suffer $25 of braindamage every night from the Frozen experience; one person suffers only $5; and the insane onegets $90 of pleasure.1. Should he stop? What is the efficient outcome of the Frozen dispute?2. Would it matter who owns the stereo and holds the…Table: Security in a Residential Community Quantity ofSecurityGuards TotalCost Total IndividualBenefit toEach Resident 0 $0 $0 1 $150 $10 2 $30 $16 3 $450 $18 4 $600 $19 Reference: Ref 17-3 Table: Security in a Residential Community (Table: Security in a Residential Community) Use Table: Security in a Residential Community. Suppose that the residential community has 100 residents. The marginal cost of hiring the second security guard is _____, and the marginal social benefit is _____. Select one: a. $150; $600 b. $450; $1,800 c. $450; $600 d. $150; $200
- Greater consumption of alcohol leads to more motorvehicle accidents and, thus, imposes costs on peoplewho do not drink and drive.a. Illustrate the market for alcohol, labeling thedemand curve, the social-value curve, thesupply curve, the social-cost curve, the marketequilibrium level of output, and the efficient levelof output.b. On your graph, shade the area corresponding tothe deadweight loss of the market equilibrium.(Hint: The deadweight loss occurs because someunits of alcohol are consumed for which the socialcost exceeds the social value.) Explain.Adam Smith’s “invisible hand” refers toa. the subtle and often hidden methods thatbusinesses use to profit at consumers’ expense.b. the ability of free markets to reach desirableoutcomes, despite the self-interest of marketparticipants.c. the ability of government regulation to benefitconsumers even if the consumers are unaware ofthe regulations.d. the way in which producers or consumers inunregulated markets impose costs on innocentbystanders.Classify the following pollution-control policies as command-and-control or market incentive based. A state emissions tax on the quantity of carbon emitted by each firm. The federal government requires domestic auto companies to improve car emissions by 2020. The EPA sets national standards for water quality. A city sells permits to films that allow them to emit a specified quantity of pollution. The federal government pays fishermen to preserve salmon.
- The rows in Table 12.7 show three market-oriented tools for reducing pollution. The columns of the table show three complaints about command-and-control regulation. Fill in the table by stating briefly how each market-oriented tool addresses each of the three concerns.Radio stations, tornado sirens, light houses, and street lights are all public goods in that all are nonrivalrous and nonexclusionary. Therefore why does the government provide tornado sirens, street lights and light houses but not radio stations (other than PBS stations)?Question Consider two individuals, Adam and Eve, who have the following in-verse demand curves and face a marginal cost curve below. PA = 100 1/2 Qa; PE = 200 Qe MC = 2/3 Q (a) If the good is private, what is the equilibrium price and quantity in a competitive market? Is this outcome ecient? (b) If the good is public, ecient provision implies what price and quantity in the market?
- Fish that swim in international waters are a common good that are freely available toanyone who wants to catch them, but this leads to the problem of over-fishing. At theheart of this problem lies an externality. Using appropriate diagrams andaccompanying discussion, show both how and why this over-fishing takes place. Inyour explanation, identify the source of the externality.Please answer the following questions.1. Explain the factors affecting Demand.2. Explain the difference between positive and negative externalities alongwith an example.3. How are public goods different from private goods?4. Explain the Law of Supply.5. With regard to demand and Supply, explain the point of MarketEquilibrium.What are the ways (at least 3) on how to mitigate the market failure in the economy. NOTE: causes of market failure are the following: positive and negative externalities, environmental concerns, lack of public goods, the underproduction of merit goods, over provisions of merit goods and abuse of monopoly power. (The answer should be connected to this)
