The relationship between marginal social cost and marginal social benefit by plotting the necessary graphics

The relationship between marginal social cost and marginal social benefit by plotting the necessary graphics.

Expert Solution

Rahul Sunny answered 2 years ago

Pls describe the “Optimal output for a good with positive externalities” by plotting necessary graphics.

Explain marginal cost. Elaborate on the relationship between the two. Elaborate the relationship between marginal cost...

Explain marginal cost. Elaborate on the relationship between the two. Elaborate the relationship between marginal cost and average cost.

Reflect on the concepts and differences between benefit, marginal benefit, cost, and marginal cost. We have...

Reflect on the concepts and differences between benefit, marginal benefit, cost, and marginal cost. We have applied these ideas to several scenarios: tax rates, how many employees should a firm hire, and how many years of education should an individual pursuit. Outside of the examples we have discussed, describe an application of the ideas of marginal benefit/cost to a situation in your personal or professional life. Clearly explain the difference between total benefit and marginal benefit and total cost and...

Table C (below) shows the schedules for marginal social cost, marginal private benefit, and marginal social benefit of a university education for each student.

Table C (below) shows the schedules for marginal social cost, marginal private benefit, and marginal social benefit of a university education for each student. Assuming a competitive free market for private university education (i.e. with no government involvement in university education), how many students are likely to enrol? 1 mark. What is likely to be the university fee per student? 1 mark. What is the socially efficient enrollment level? 1 mark. What is the marginal external benefit per student...

1-Suppose the marginal social cost of fighter aircraft each year exceeds their marginal social benefit Are...

1-Suppose the marginal social cost of fighter aircraft each year exceeds their marginal social benefit Are fighter aircraft being produced at an efficient level? 2-The marginal social benefit of college enrollments currently exceeds its marginal social cost . Use a graph to demonstrate the gain in efficiency that would result from an increase in college enrollment.

What is the relationship between marginal product of labour and marginal cost?

What must be true about the relationship between marginal abatement cost and marginal damage cost to...

What must be true about the relationship between marginal abatement cost and marginal damage cost to achieve the efficient level of pollution? While the efficient level can be defined in principle, why might policy instruments to obtain the efficient level be difficult to implement in practice?

6. The relationship between marginal physical product and marginal cost Susan's Big Burger is a small...

6. The relationship between marginal physical product and marginal cost Susan's Big Burger is a small restaurant that sells hamburgers. For Susan, grills are a fixed input and workers are variable inputs. Assume that labor is Susan's only variable cost. Susan has a fixed cost of $100 per day and pays each of her workers $80 per day. Susan's total product schedule and total cost at each level of labor are presented in the following table. Fill in the blanks...

Q1:What is the relationship between marginal product and marginal cost in short run? Q2:What is the...

Q1:What is the relationship between marginal product and marginal cost in short run? Q2:What is the effect or application of elasticity of demand in real life business? Q3:application of economics in any other fields such as health economics, industrial economics, agricultural economics, choice of cheapest technology out of many? Q4:why do businesses charge different prices for the same product or service... rationale? Q5:If I have a salon, what the best way on economic to get more profit?! Q6:What is the...

Marginal Cost and Marginal Benefit Suppose you are given a benefit equation as B(t) = -3t2...

Marginal Cost and Marginal Benefit Suppose you are given a benefit equation as B(t) = -3t2 + 15t + 160 and cost equation as C(t) = t2 -5t + 60, where t = time in hours. Find a NB equation. b. Solve for MB, MC, and find a MNB expression. c. Find the optimal amount of time you should spend on the activity and the value of NB associated with that optimal time. d. If you were given the following...

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