Exam 5: Efficiency and Equity

The table below shows the demand schedules for pizza for Abby and Barry who are the only buyers in the market. -Based on the table, what is the marginal social benefit from the 45th slice of pizza?

-The above figure shows the marginal social benefit and marginal social cost curves of chocolate in the nation of Kaffenia. At Kaffenia's efficient quantity of chocolate

-The above figure shows the marginal social benefit and marginal social cost curves of chocolate in the nation of Kaffenia. What is the marginal social cost of producing the 250th pound of chocolate each day?

-In the above figure, what is the efficient quantity of hot dogs to produce?

A modified version of utilitarianism proposed by John Rawls states that

-In the above figure, if the price is $2, then the total consumer surplus is

-In the above figure, of the quantities listed below, for which is the total deadweight loss the largest?

-The figure above shows the market supply and market demand curves for pizza. If the market is at its equilibrium, what area in the graph above represents: a) consumer surplus? b) producer surplus?

-Based on the above table, which of the following is the efficient quantity of output?

-In the figure above, when the price of a CD is $8.00, total producer surplus from all the CDs will be