Maggie’s private marginal benefit for cigars is PMBM(x) = 100 − x, where x the number of cigars. Rui’s marginal external cost is MECR(x) = x/2. Cigars cost Maggie PMC =$20 (a) Calculate and graph Maggie’s net private marginal benefit and Rui’s marginal external cost functions. Find the socially optimal number of cigars, x∗, Maggie would be allowed to smoke. Find the Pigouvian tax, t∗, which would generate the social optimum and show this on your graph.

(b) How many cigars, xNL, would Maggie smoke if she were allowed to smoke as many as she pleased if she is not liable (NL) for costs to Rui? Find the dead-weight-loss, DW LNL at xNL. If, instead, Maggie were liable (L) for damages to Rui, how many cigars, xL, would Rui allow to be smoked and what is the dead-weight-loss of this, DW LL? Show these on your graph.

(c) Suppose that transactions costs, T C, are less than min[DW LL, DW LNL]. Which rule, liable or not liable, causes less social costs for society? Explain. Which rule would Rui and Maggie each prefer? Explain. Hint: Let PL and PNL be the payment made to get the one with property rights to trade.

(d) Suppose that transactions costs, T C, are greater than max[DW LL, DW LNL]. Which rule, liable or not liable, causes less social costs for society? Explain.

(e) Suppose that min[DW LL, DW LNL] < T C < max[DW LL, DW LNL]. Which rule, liable or not liable, causes less social costs for society? Explain.

Which is the correct expansion of the term internet? a. internetwork b. institutional network c. instructional network d. international network

Balance sheet baggett company's balance sheet accounts and amounts as of december 31, 2016, are shown in random order as follows: account debit (credit) account debit (credit) income taxes payable $(3,800) additional paid-in capital on preferred prepaid items 1,800 stock $(7,900) additional paid-in capital on common stock (9,300) allowance for doubtful accounts (1,600) land 12,200 bonds payable (due 2020) (23,000) notes payable (due 2019) (6,000) buildings 57,400 notes receivable (due 2018) 16,400 sinking fund to retire bonds payable 5,000 accounts receivable 12,600 advances from customers (long-term) (2,600) premium on bonds payable (1,400) cash 4,300 accounts payable (13,100) accumulated depreciation: equipment (9,700) inventory 7,400 retained earnings (18,300) accumulated depreciation: buildings (21,000) preferred stock, $100 par (18,600) patents (net) 4,600 wages payable (1,400) equipment 28,700 common stock, $10 par (12,700) required: 1. prepare a december 31, 2016 balance sheet for the baggett. baggett company balance sheet december 31, 2016 assets current assets: $ $ $ long-term investments: $ property, plant, and equipment: $ $ $ intangible assets: liabilities current liabilities: $ $ long-term liabilities: $ $ other liabilities: shareholders' equity contributed capital: $ $ $ $ 2. compute the debt-to-assets ratio. round to one decimal place. do not enter a percent sign (%) as part of your answer. %

Which curve shows increasing opportunity cost as you give up more of one option? demand curve bow-shaped curve yield curve indifference curve