User Account

All Pages

What is the private optimum of fireworks for the town

Assignment Help Business Economics
Reference no: EM132034174

The town of Trommald, MN, has two residents, Butch and Harry. For the town's Fourth of July Celebration, Butch has a demand for fireworks, a public good, of Q = 20-4P, and Harry has a demand of Q= 18-2P. The cost of each firework is $3.

a. What is the private optimum of fireworks for the town?

b. If it is impossible to purchase a fractional number of fireworks, what is the social optimum of fireworks for the town?

Reference no: EM132034174

Questions Cloud

Advantages of futures markets compared to forward markets : Advantages of futures markets compared to forward markets. How do financial futures markets overcome the liquidity problems associated with forward markets?
What will bobble inc record first to reinstate his account : Joe is a customer of Bobble, Inc. which uses the allowance method to account for uncollectible accounts. What Bobble, Inc. record first to reinstate his account
Determine the three character traits for which you scored : After taking the Personal Values Survey and reflecting on your results, determine the three character traits for which you scored highest.
What is the socially efficient number of batteries : What is the socially efficient number of batteries? Be sure to show your work. Suppose the government wanted to address the problem by imposing a tax
What is the private optimum of fireworks for the town : a. What is the private optimum of fireworks for the town? b. If it is impossible to purchase a fractional number of fireworks, what is the social optimum
Identify and describe seven different managerial roles : Identify and describe seven different managerial roles. Indicate which ones you would enjoy the most at this stage of your career.
Calculate the inventory turnover : Goods available for sale are $42,000; beginning inventory is $17,000; ending inventory is $21,000; Calculate the inventory turnover
What is efficiency wage theory : Will employees shirk more or less and be more or less productive at their jobs when they are paid the above-market equilibrium wages by the firm?
Federal reserve use of open-market operations : How does the Federal Reserve's use of open-market operations to influence the money supply affect our economy and what are the respective consequences

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd