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Category > Management Posted 09 Feb 2018 My Price 7.00

constant marginal cost

Use the following information to work Problems 17 to 19. A natural spring runs under land owned by ten people. Each person has the right to sink a well and can take water from the spring at a constant marginal cost of $5 a gallon. The table sets out the external cost and the social benefit of water.

 

Quantity

Marginal

Marginal

of water

external cost

social benefits

(gallons per

(dollars per

(dollars per

day)

gallon)

gallon)

10

1

10

20

2

9

30

3

8

 

 

 

40

4

7

50

5

6

60

6

5

70

7

4

17. Draw a graph to illustrate the market equilibrium. On your graph, show the efficient quantity of water taken.

18. If the government sets a quota on the total amount of water such that the spring is used  efficiently, what would that quota be?

19. If the government issues ITQs to land owners m that limit the total amount of water taken to the efficient quantity, what is the market price of an ITQ?

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Maurice Tutor
(5)
Status NEW Posted 09 Feb 2018 11:02 PM My Price 7.00

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