There are four consumers willing to pay thefollowing amounts for haircuts:Gloria: $35 Jay: $10 Claire: $40 Phil: $25There are four haircutting businesses with the following costs:Firm A: $15 Firm B: $30 Firm C: $20 Firm D: $10Each firm can give at most one haircut. To achieveefficiency, how many haircuts should be given?Which businesses should cut hair and whichconsumers should have their hair cut? How largeis the maximum possible total surplus?

Q: There are four consumers willing to pay the following amounts for haircuts, and there are four…

A: It is given that there are four customers having a maximum willingness to pay.

Q: Most of the world’s governments have struggled to handle the issue of allowing consumption of…

A: Quantity demanded is the number of goods that consumers desire and willing to pay for that product.…

Q: What is efficiency? Is it the only goal of economic policymakers?

A: There are two branches of economics. Microeconomics - Microeconomics is the branch of economics…

Q: Most of the world’s governments have struggledto handle the issue of allowing consumption of…

A: Quantity demanded is defined as the number of goods consumers desire and willing to pay for that…

Q: Battle of Sexes a. Find and explain all outcomes which are Pareto Efficient. b. Find all the…

A:

Q: Private Cost E F Social Benefit `D (private benefit) QMARKET QOPTIMUM e area otimal quantity, the…

A: *Answer:

Q: Solve the attahment.

A: Production Possibility Curve shows the efficient allocation of the resources with given technology…

Q: There are three fishermen, and each day they individually decide howmany boats to send out to catch…

A: SPNE is a strategy profile for an extensive-form game. It is a refinement of a nasheqm used in…

Q: The table shows the minimum price at which people are willing to sell a ticket to a soccer game.…

A:

Q: 10. Toasters last time! With the same data as the last problem. What happens if government imposes a…

A: The total surplus is the total welfare in the economy which is the sum of consumer and producer…

Q: According to the Textbook, government price control fail because: a. bureaucrats lack accurate…

A: Price controls refer to the control on prices of goods and services by the government to support…

Q: Explain what is meant by market failure and   outline the sources of market failure.

A: Market failures can be corrected by allowing competitive producers in the market and consumers as…

Q: There are four consumers willing to pay the amounts for following haircuts:Gloria:$35 Jay:$10…

A: Willingness to pay is defined as  the maximum amount that the consumer is ready to pay for a unit of…

Q: Suppose that we have 3 consumers. The government considers building a road. It costs $80. The…

A: The above given problem of cost and consumer surplus is explained as follows:

Q: 3. Hagrid has a hippogriff and wants a thestral. Sirius has a dragon and wants a hippogriff. Remus…

A: The term "Pareto efficient" is defined as that outcome in which no player can be made better off…

Q: Two countries Singapore and U.S.reduced the traffic on roads, in different ways In Singapore, the…

A: Demand refers to the ability and choice of a consumer to demand a particular goods which is…

Q: The table below shows the demand schedules for pizza for Abby and Barry who are the only buyers in…

A: Demand represents the volume of goods and services that the consumers are willing to purchase at…

Q: Suppose that we have 3 consumers. The government considers building a road. It costs $80. The…

A: The situation that occurs when the price paid by consumers for a service or product is lesser than…

Q: Price social $18 Sinternal $14 $12 Dinternal 50 70 Quantity #4. To achieve the social optimum, the…

A: Equilibrium is achieved at the output level where Qs equals Qd.  Thus equilibrium price=$ 14

Q: (a) What is market failure? List and discuss two causes of market failure. describe briefly how a…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: For each of three potential buyers of apples, the table displays the willingness to pay for the…

A: For each of three potential buyers of apples,the table displays the willingness to pay for the first…

Q: From the perspective of the ____, the price at which a unit is exchange is the marginal cost of that…

A:

Q: Adam Smith’s “invisible hand” refers toa. the subtle and often hidden methods thatbusinesses use to…

A: In economics, the main goal of all economic agents is to satisfy their unlimited desires and wants…

Q: Mark can cook dinner in 30 minutes and wash thelaundry in 20 minutes. His roommate takes half aslong…

A: Opportunity costs is used to determine the comparative advantage. Opportunity costs are trade offs…

Q: Aiden gives piano lessons. He has an opportunity cost of $50 per lesson and charges $60. He has two…

A: A deadweight loss is a cost to society created by market inefficiency, which occurs when supply and…

Q: Popular software can cost thousands of dollars even though the marginal cost of producinganother…

A: Meaning of Marginal Cost: The marginal cost refers to the situation under which the firm or an…

Q: 6. Figure: Random Allocation Under Price Ceilings A $34 B 30 с 24 D 20 Price Celling 17 1200 1500…

A: When the price charged is greater than or less than the equilibrium price set by market forces of…

Q: P            2            3            4            5            6            7            8…

A: Equilibrium price will occur when  Demand = Supply

Q: Carrot Apple 0 10 1 9 2 7 3 4 4 0 d. Using the PPF drawn above identify the point of…

A: please find the answer below.

Q: Identify a type of market failure. Provide an example of that type of market failure and briefly…

A: Market failure results when free market fails to produce socially efficient quantity.

Q: The table below shows the demand schedules for pizza for Abby and Barry who are the only buyers in…

A: The demand schedule depicts the maximum price which a buyer is willing to pay for a given quantity.…

Q: Which of the following is a problem (from an efficiency perspective) with queuing an approach to…

A: The efficiency would result in the implicit definition of the ways and mechanism to use the…

Q: In Country Faraway, cigarettes are forbid,so people trade cigarettes in a black m The cigarette…

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: The following graph shows the market for milk. The market price of milk without government…

A: At prices above the equilibrium price, the quantity supplied exceeds the quantity demanded and there…

Q: Several years ago, hurricane Gilbert destroyed thousands of acres of banana in Jamaica. Farmers…

A: Before we go into the topic of better off or wose off, we will discuss about demand and supply.…

Q: What are three reasons that a government might want to intervene in markets?

A: Government interference is government legislative action that aims to alter the decisions taken…

Q: My Child, My Choice If all U.S. children were vaccinated many lives would be saved, infections would…

A: Government intervention is an administrative move initiated by the government that tries to change…

Q: Toiva and Ali were relaxing in a local coffee shop after school. Ali looked at his coffee and said,…

A: According to me, Ali referred to labor exploitation.

Q: Chapter 9 Problem 6: The figure below illustrates the market for cycles in a country. IPrice 38 36…

A: “Hey, since there are multiple subparts  posted, we will answer first three subpart question.

Q: ECON 201 (Section E) – Homework 4 Name: Question 1: Suppose the market for cigarettes can be…

A: Since you have posted a question with multiple parts, we will solve only the first part. To get…

Q: Barb can produce 10 apples or 10 oranges on her farm, while Jim can produce 20 apples or 40 oranges.…

A: What is OPPORTUNITY COST (chance expenses) Financial backers are constantly confronted with…

Q: Making a new protective helmet costs $200.  Proper disposal, where all the toxic stuff is correctly…

A: Since humans learned consumption of goods, they began exchanging in order to satisfy their wants.…

Q: Suppose that we have 3 consumers. The government considers building a road. It costs $80. The…

A: The government considers building a road. It costs $80. The consumers value it at $20, $40, and…

Q: ystem (Academic) es of Microeconomics || Fall20 At the current level of output, the marginal social…

A: Marginal social benefit is associated with the change in benefits due to the change in consumption…

Q: Maria is training for a triathlon, a timed race that combines swimming, biking, and running.…

A: The word "opportunity cost" in economics describes the worth of what you must forgo in order to…

Q: Suppose the government is considering an increase in the toll on a certain stretch of highway from…

A: Imposition of tax will increase marginal cost of highway use which results in decrease in number of…

Q: In Rampur, Alcohol are forbidden, so people trade Alcohol bottles in a black market. The Alcohol…

A: The Alcohol demand is QD = 12 − P The supply is Qs = 2P