Business, 27.03.2020 17:13 StupidFatChipmunk
In a market, demand is given by P = 100 − Q and the (private) marginal cost of production for the aggregation of all firms (the industry supply curve) is given by MC = Q. Pollution by the industry creates external damages given by the (constant) marginal external cost curve MEC = 30.
(a) Calculate the output and price of if the industry operates under com petitive conditions without regulation.
(b) Calculate the socially efficient price and output of the industry.
(c) Calculate the deadweight loss due to operating at the competitive level of output rather than the socially efficient level of output.
Answers: 2
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In a perfectly competitive market, the long-run market supply curve tends to be horizontal or nearly so. what is another way to state this fact? (a) market supply is much more elastic in the long run than the short run. (b) in the long run, average total cost is minimized. (c) in the long run, price equals marginal cost. (d) market supply is much less elastic in the long run than the short run.
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In a market, demand is given by P = 100 − Q and the (private) marginal cost of production for the ag...
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