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Question - Suppose there is a standard defensive driving course in California. Assume the demand for the course is Qd = 10 - .06P, where Qdis yearly quantity demanded in California (in 1000's) and P is the price of the course. The supply of the service is Qs = .1P.
A. Calculate the market equilibrium.
Suppose that the external marginal benefit of the defensive driving course is $5.
1. Why would this service generate external benefits? Discuss the possible benefits to those who did not take the course.
2. Calculate the socially efficient equilibrium.
3. Calculate the increase in net benefits to society in moving from the market determined result to the efficient equilibrium.
E. Explain the inefficiency of a law requiring all drivers to take the defensive driving course.
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