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The private marginal benefit for commodity X is given by 50-5X, where X is the number of units consumed. The private marginal cost of producing X is constant at $10. For each unit of X produced, an external benefit of $5 is imposed on members of society.
What type of externality is being described? In the absence of any government intervention, how much X is produced? What is the social efficient level of production of X? What is the gain to society involved in moving from the inefficient to the social efficient level of production? Please draw a graph that shows these two points of production as well as the deadweight loss. Suggest an approach that the government could take that could lead to the efficient level. How much would such an approach cost or benefit government in the form of increased government tax revenues or increased government costs?
You can show that a tax on consumption is regressive using the Keynesian consumption function. Suppose C = 1000 + .5YD, and the government collects 10% of all consumption expenditures in taxes. Calculate the taxes paid by the household earning YD = 1..
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Maria has decided to always spend one-third of her income on clothing.
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It has been said that if government wishes to tax certain goods, it should tax goods that have inelastic rather than elastic demand. What is the rationale for this?
In May in Huntsville, the high temperature exceeded 80°F on 20 days. It rained on 8 days when the high temperature was over 80°F. If we choose any day in May, the probability that it rained on that day is independent of the probability that the high ..
For which of the following stock price indexes will a firm with a high market value carry more weight?
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