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Suppose the marginal benefits and costs per gal- lon of gasoline in the United States are modeled as follows to illustrate the negative externality of gas- oline combustion:
MSB ¼ 12:80 - 0:42Q MPB ¼ 12:80 - 0:4Q MSC ¼ MPC ¼ 1:25 þ 0:02Q
where Q is millions of gallons.
a. State the equation that represents the market externality. Give the economic interpretation of this equation, using its specific numerical value(s).
b. Find the efficient equilibrium, PE and QE, for this market. (Do not round off.)
c. Find the dollar value of a per-unit gasoline tax that would achieve the efficient solution, and calculate the tax revenues generated to the gov- ernment as a result.
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To maintain utility constant an income adjustment brought the student to consume the basket (61,92). What are substitution effects and the income ?
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If Apple iPod only played iTunes, and iTunes only could be heard on the Apple iPod, could Apple price the technologically integrated bundle any way they wanted?
Each of 50 golf clubs in the Niagara Region has a demand for generic advertising of Q = 200 - P. Ads cost $3000 each. How many ads will the clubs want to purchase as a group?
Compare the common perception of how a tax rate cut affects tax revenues with economist Laffer's theory.
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