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Exam 13: Externalities and Public Goods

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Exam 1: Supply, Demand, Balancing Benefits, Costs, Principles and Preferences11 Questionsadd course
Exam 2: From Demand to Welfare, Constraints, Choices, and Demand14 Questionsadd course
Exam 3: Technology and Production13 Questionsadd course
Exam 4: Cost13 Questionsadd course
Exam 5: Choices Involving Time and Profit Maximization12 Questionsadd course
Exam 6: Behavioral Economics, Choices Involving Strateg and Choices Involving Risk17 Questionsadd course
Exam 7: Equilibrium and Efficiency21 Questionsadd course
Exam 8: Market Intervention17 Questionsadd course
Exam 9: General Equilibrium, Efficiency, and Equity14 Questionsadd course
Exam 10: Monopoly30 Questionsadd course
Exam 11: Pricing Policies39 Questionsadd course
Exam 12: Oligopoly31 Questionsadd course
Exam 13: Externalities and Public Goods17 Questionsadd course
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Four stores have a problem with theft and security is a public good. Let S stand for the number of personhours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula Four stores have a problem with theft and security is a public good. Let S stand for the number of personhours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula . Patrols cost $25 per hour. What is the socially efficient level of security? . Patrols cost $25 per hour. What is the socially efficient level of security?

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Question 1
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A

Four stores have a problem with theft and security is a public good. Let S stand for the number of personhours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula Four stores have a problem with theft and security is a public good. Let S stand for the number of personhours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula . Patrols cost $25 per hour. What is the socially efficient level of security (rounded to the nearest whole number)? . Patrols cost $25 per hour. What is the socially efficient level of security (rounded to the nearest whole number)?

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Question 2
Correct Answer:
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D

Four stores have a problem with theft and security is a public good. Let S stand for the number of personhours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula Four stores have a problem with theft and security is a public good. Let S stand for the number of personhours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula . Patrols cost $25 per hour. Find the marginal social benefit function. . Patrols cost $25 per hour. Find the marginal social benefit function.

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Question 3
Correct Answer:
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C

Your neighbor likes to blast 1970's rock music and the louder the better. The loud music imposes a cost on you because it disrupts your study of economics. Let D stand for the volume of his music in decibels, B for his benefits and C for your costs, where B and C are in dollars. For any given volume, D, your neighbor's benefit is Your neighbor likes to blast 1970's rock music and the louder the better. The loud music imposes a cost on you because it disrupts your study of economics. Let D stand for the volume of his music in decibels, B for his benefits and C for your costs, where B and C are in dollars. For any given volume, D, your neighbor's benefit is and your cost is . With an efficient Pigouvian tax, how much will your neighbor pay in taxes in total? and your cost is Your neighbor likes to blast 1970's rock music and the louder the better. The loud music imposes a cost on you because it disrupts your study of economics. Let D stand for the volume of his music in decibels, B for his benefits and C for your costs, where B and C are in dollars. For any given volume, D, your neighbor's benefit is and your cost is . With an efficient Pigouvian tax, how much will your neighbor pay in taxes in total? . With an efficient Pigouvian tax, how much will your neighbor pay in taxes in total?

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Question 4

Three hundred paper mills compete in the paper market. The total cost of production (in dollars)for each mill is given by the formula , where Qmill indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given Three hundred paper mills compete in the paper market. The total cost of production (in dollars)for each mill is given by the formula , where Q<sup>mill</sup> indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula . Finally, annual market demand (in thousands of tons) is given by the formula . Find the competitive quantity. by the formula . Finally, annual market demand (in thousands of tons) is given by the Three hundred paper mills compete in the paper market. The total cost of production (in dollars)for each mill is given by the formula , where Q<sup>mill</sup> indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula . Finally, annual market demand (in thousands of tons) is given by the formula . Find the competitive quantity. formula . Find the competitive quantity. Three hundred paper mills compete in the paper market. The total cost of production (in dollars)for each mill is given by the formula , where Q<sup>mill</sup> indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula . Finally, annual market demand (in thousands of tons) is given by the formula . Find the competitive quantity.

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Question 5

Your neighbor likes to blast 1970's rock music and the louder the better. The loud music imposes a cost on you because it disrupts your study of economics. Let D stand for the volume of his music in decibels, B for his benefits and C for your costs, where B and C are in dollars. For any given volume, D, your neighbor's benefit is Your neighbor likes to blast 1970's rock music and the louder the better. The loud music imposes a cost on you because it disrupts your study of economics. Let D stand for the volume of his music in decibels, B for his benefits and C for your costs, where B and C are in dollars. For any given volume, D, your neighbor's benefit is and your cost is . With an efficient Pigouvian tax, what noise level will your neighbor choose? and your cost is Your neighbor likes to blast 1970's rock music and the louder the better. The loud music imposes a cost on you because it disrupts your study of economics. Let D stand for the volume of his music in decibels, B for his benefits and C for your costs, where B and C are in dollars. For any given volume, D, your neighbor's benefit is and your cost is . With an efficient Pigouvian tax, what noise level will your neighbor choose? . With an efficient Pigouvian tax, what noise level will your neighbor choose?

(Multiple Choice)
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Question 6

Four stores have a problem with theft and security is a public good. Let S stand for the number of personhours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula Four stores have a problem with theft and security is a public good. Let S stand for the number of personhours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula . Patrols cost $25 per hour. If each store provided security independently, how much would each store provide (rounded to the nearest whole number)? . Patrols cost $25 per hour. If each store provided security independently, how much would each store provide (rounded to the nearest whole number)?

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Question 7

Your neighbor likes to blast 1970's rock music and the louder the better. The loud music imposes a cost on you because it disrupts your study of economics. Let D stand for the volume of his music in decibels,B for his benefits and C for your costs, where B and C are in dollars. For any given volume, D, your neighbor's benefit is Your neighbor likes to blast 1970's rock music and the louder the better. The loud music imposes a cost on you because it disrupts your study of economics. Let D stand for the volume of his music in decibels,B for his benefits and C for your costs, where B and C are in dollars. For any given volume, D, your neighbor's benefit is and your cost is . What is your marginal cost at the socially efficient noise level? and your cost is Your neighbor likes to blast 1970's rock music and the louder the better. The loud music imposes a cost on you because it disrupts your study of economics. Let D stand for the volume of his music in decibels,B for his benefits and C for your costs, where B and C are in dollars. For any given volume, D, your neighbor's benefit is and your cost is . What is your marginal cost at the socially efficient noise level? . What is your marginal cost at the socially efficient noise level?

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Question 8

Your neighbor likes to blast 1970's rock music and the louder the better. The loud music imposes a cost on you because it disrupts your study of economics. Let D stand for the volume of his music in decibels, B for his benefits and C for your costs, where B and C are in dollars. For any given volume, D, your neighbor's benefit is Your neighbor likes to blast 1970's rock music and the louder the better. The loud music imposes a cost on you because it disrupts your study of economics. Let D stand for the volume of his music in decibels, B for his benefits and C for your costs, where B and C are in dollars. For any given volume, D, your neighbor's benefit is and your cost is . What is the efficient Pigouvian tax? and your cost is Your neighbor likes to blast 1970's rock music and the louder the better. The loud music imposes a cost on you because it disrupts your study of economics. Let D stand for the volume of his music in decibels, B for his benefits and C for your costs, where B and C are in dollars. For any given volume, D, your neighbor's benefit is and your cost is . What is the efficient Pigouvian tax? . What is the efficient Pigouvian tax?

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Question 9

Three hundred paper mills compete in the paper market. The total cost of production (in dollars) for each mill is given by the formula Three hundred paper mills compete in the paper market. The total cost of production (in dollars) for each mill is given by the formula , where Q<sup>mill</sup> indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula . Finally, annual market demand (in thousands of tons) is given by the formula. . Find the competitive price that would prevail without externalities , where Qmill indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula Three hundred paper mills compete in the paper market. The total cost of production (in dollars) for each mill is given by the formula , where Q<sup>mill</sup> indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula . Finally, annual market demand (in thousands of tons) is given by the formula. . Find the competitive price that would prevail without externalities . Finally, annual market demand (in thousands of tons) is given by the formula. Three hundred paper mills compete in the paper market. The total cost of production (in dollars) for each mill is given by the formula , where Q<sup>mill</sup> indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula . Finally, annual market demand (in thousands of tons) is given by the formula. . Find the competitive price that would prevail without externalities . Find the competitive price that would prevail without externalities

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Question 10

Three hundred paper mills compete in the paper market. The total cost of production (in dollars) for each mill is given by the formula Three hundred paper mills compete in the paper market. The total cost of production (in dollars) for each mill is given by the formula , where Q<sup>mill</sup> indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula . Finally, annual market demand (in thousands of tons) is given by the formula . Find the function for the marginal social cost. , where Qmill indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula Three hundred paper mills compete in the paper market. The total cost of production (in dollars) for each mill is given by the formula , where Q<sup>mill</sup> indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula . Finally, annual market demand (in thousands of tons) is given by the formula . Find the function for the marginal social cost. . Finally, annual market demand (in thousands of tons) is given by the formula Three hundred paper mills compete in the paper market. The total cost of production (in dollars) for each mill is given by the formula , where Q<sup>mill</sup> indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula . Finally, annual market demand (in thousands of tons) is given by the formula . Find the function for the marginal social cost. . Find the function for the marginal social cost.

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Question 11

Three hundred paper mills compete in the paper market. The total cost of production (in dollars) for each mill is given by the formula Three hundred paper mills compete in the paper market. The total cost of production (in dollars) for each mill is given by the formula , where Q<sup>mill</sup> indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula . Finally, annual market demand (in thousands of tons) is given by the formula. . Find the efficient quantity that involves no externalities , where Qmill indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula Three hundred paper mills compete in the paper market. The total cost of production (in dollars) for each mill is given by the formula , where Q<sup>mill</sup> indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula . Finally, annual market demand (in thousands of tons) is given by the formula. . Find the efficient quantity that involves no externalities . Finally, annual market demand (in thousands of tons) is given by the formula. Three hundred paper mills compete in the paper market. The total cost of production (in dollars) for each mill is given by the formula , where Q<sup>mill</sup> indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula . Finally, annual market demand (in thousands of tons) is given by the formula. . Find the efficient quantity that involves no externalities . Find the efficient quantity that involves no externalities

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Question 12

Three hundred paper mills compete in the paper market. The total cost of production (in dollars)for each mill is given by the formula Three hundred paper mills compete in the paper market. The total cost of production (in dollars)for each mill is given by the formula , where Q<sup>mill</sup> indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula . Finally, annual market demand (in thousands of tons) is given by the formula . Find the competitive price. , where Qmill indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula Three hundred paper mills compete in the paper market. The total cost of production (in dollars)for each mill is given by the formula , where Q<sup>mill</sup> indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula . Finally, annual market demand (in thousands of tons) is given by the formula . Find the competitive price. . Finally, annual market demand (in thousands of tons) is given by the formula Three hundred paper mills compete in the paper market. The total cost of production (in dollars)for each mill is given by the formula , where Q<sup>mill</sup> indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula . Finally, annual market demand (in thousands of tons) is given by the formula . Find the competitive price. . Find the competitive price.

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Question 13

Your neighbor likes to blast 1970's rock music and the louder the better. The loud music imposes a cost on you because it disrupts your study of economics. Let D stand for the volume of his music in decibels, B for his benefits and C for your costs, where B and C are in dollars. For any given volume, D, your neighbor's benefit is Your neighbor likes to blast 1970's rock music and the louder the better. The loud music imposes a cost on you because it disrupts your study of economics. Let D stand for the volume of his music in decibels, B for his benefits and C for your costs, where B and C are in dollars. For any given volume, D, your neighbor's benefit is and your cost is . Find the efficient volume, D. and your cost is Your neighbor likes to blast 1970's rock music and the louder the better. The loud music imposes a cost on you because it disrupts your study of economics. Let D stand for the volume of his music in decibels, B for his benefits and C for your costs, where B and C are in dollars. For any given volume, D, your neighbor's benefit is and your cost is . Find the efficient volume, D. . Find the efficient volume, D.

(Multiple Choice)
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Question 14

Four stores have a problem with theft and security is a public good. Let S stand for the number of personhours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula Four stores have a problem with theft and security is a public good. Let S stand for the number of personhours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula . Patrols cost $25 per hour. Find the marginal social benefit function. . Patrols cost $25 per hour. Find the marginal social benefit function.

(Multiple Choice)
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Question 15

Three hundred paper mills compete in the paper market. The total cost of production (in dollars)for each mill is given by the formula Three hundred paper mills compete in the paper market. The total cost of production (in dollars)for each mill is given by the formula , where Q<sup>mill</sup> indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula . Finally, annual market demand (in thousands of tons) is given by the formula . Find the market supply curve. , where Qmill indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula Three hundred paper mills compete in the paper market. The total cost of production (in dollars)for each mill is given by the formula , where Q<sup>mill</sup> indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula . Finally, annual market demand (in thousands of tons) is given by the formula . Find the market supply curve. . Finally, annual market demand (in thousands of tons) is given by the formula Three hundred paper mills compete in the paper market. The total cost of production (in dollars)for each mill is given by the formula , where Q<sup>mill</sup> indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula . Finally, annual market demand (in thousands of tons) is given by the formula . Find the market supply curve. . Find the market supply curve.

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Question 16

Four stores have a problem with theft and security is a public good. Let S stand for the number of personhours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula Four stores have a problem with theft and security is a public good. Let S stand for the number of personhours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula . Patrols cost $25 per hour. If each store provided security independently, how much would each store purchase? . Patrols cost $25 per hour. If each store provided security independently, how much would each store purchase?

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Question 17
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