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- Because of the poor quality ......customers stopped buying it A-initiative B-staff C-tender D-merchandiseHow market equilibrium is found with Pollution Abatement Subsidy? Also draw graph and interpret it.Lecture: Externality - Pigou8. All-Leather is a tanning company located on Lake Michigan in Chicago. Its total cost functionis C(QA) = 125 + 8QA + 5QA2, where QA is leather production per week in thousands of pounds.a) If leather sells for $408 per thousand pounds, how much leather will All-Leather produce?How much profit does All-leather earn?Enjoy is a beverage company located on Lake Michigan near All-Leather in Chicago. Enjoy’sproduction of beverages is negatively affected by water pollution from All-Leather’s productionof leather. Enjoy’s total cost function to produce beverages isC(QE) = 10QE +3QE2 + 3QA2where QE is Enjoy’s weekly production of beverages, in thousandsof gallons and, as above, QA is All-Leather’s weekly production of leather.b) Is this an example of a pecuniary externality or a real externality? Explain.c) What is the extra cost to Enjoy from an additional thousand tons of leather production by AllLeather (i.e., the external marginal cost of an extra unit of QA…
- Identify one market failure and explain the solution. Include the role of the government in addressing the particular problem.solve this practice problem1 The functional e-demand factors can be organized into three quality packages(USS): Use quality, System Quality, and Service quality. Select one: a. False b. True
- Identify the NonPrice determinants of supply in the dentistry field business. (per factor) In cost of production, number of suppliers, prices of goods and services, Taxes and subsidies and technologyMarket Failure. a. State the definition of a market failure, b. List and explain the 4 causes of market failure included in the slides, including how they actually lead to over or under allocation of resources (market failure). Don’t miss this part! Must be very specific. c. State the definition of spillovers costsA AWB Company is interested in obtaining quick estimates of the supply and demand curves for coal. The firm's research department informs you that the elasticity of supply is approximately 1.7, the elasticity of demand is approximately -0.85, and the current price and quantity are $41 and 1,206, respectively. Price is measured in dollars per ton, quantity the number of tons per week. Estimate linear supply and demand curves at the current price and quantity. Illustrate both curves on a diagram. What impact would a 10% increase in demand have on the equilibrium price and quantity? Illustrate this impact on similar diagram in part (i) If the government refused to the price increase when demand increased in (ii) above,how much shortage is created?. Mark the shortage on the diagram in part (ii)
- This is a difficult question. Take your time to match the term to its definition or description. Complement Inferior Good Normal Good Substitute A. E1<0 B. EXY<0 C. E1>0 D. EXY>0Explain the reason on how and why thebeneficial fungi and microbes help farmers increase their profitIdentify at least one positive externality from running a donut shop.
