- Write the item class hierarchy and load the provided item data into the shop: Computer science Assignment, UCAS, UK
- 504MAN: Expand the organization from its current size by gaining new resources of manpower by employing: Resource Management Assignment, CU, UK
- Calculate the following for your company and provide the screenshot of your answers if you use excel: Real Estate Asset Management Assignment, UOM, UK
- COM0006NFBNM: Describe the evolving role of Cloud Computing within modern-day organizations from cloud computing service models’ point of view: Technology in organisation Assignment, AU, UK
- Gloria has been employed by Modem Family Limited for 10 years carrying out administrative support tasks of a wide variety: Employment Law and Practice Assignment, LMU, UK
- Define basic algorithms to carry out an operation and outline the process of programming an application: Applied Computing HND Assignment, DMU, UK
- Critically evaluate this statement using examples of your own choosing to illustrate your argument: marketing Assignment, UCAS, UK
- EG6026: Provide pavement design advice for a new highway to accomodate the anticipated traffic generated as result of the residential development: Transport Infrastructure Engineering Assignment, UOEL, UK
- Identify different organizations that have key roles and responsibilities in relation to safeguarding and protection of children: Children young people and families practitioner apprenticeship Assignment, UCB, UK
- Students are expected to present grammatically correct stork that contains reasoned arguments: Practical Reliability Assignment, CU, UK
- 5HR01: Explain the concept of better working lives and how this can be designed: Employment Relationship Management Assignment, CIPD, UK
- ELE00017M: You are required to investigate the emergent behavior of a complex adaptive system based on the observed characteristics: Biologically Inspired Computation Assignment, UOY, UK
- You are going to evaluate the effectiveness of engineering processes and how human factors affect: Engineering and technology Assignment, UCAS, UK
- Your Chief executive has asked you to prepare a report for the board identifying the key contemporary business: Business and Human Resource Management Assignment, Conventry University, UK
- 7ELW: You must include the role of the Employment Tribunal and other courts in the UK in enforcing the law: Employment Law Assignment, DMU, UK
- LING5450M: Write a critical explanation of how your view of language and understanding of pedagogic approaches: Methodology in Language Teaching Assignment, UOL, UK
- The compound cross-section shown in Figure 1a, determine the position of the Centroidwith respect to the origin of the coordinate system: Mechanical engineering Assignment, UCAS, UK
- PU2016: You need to undertake a literature review into an aspect of occupational therapy practice: Research methods and evidence-based practice 2 Assignment, UCLan, UK
- Explain with necessary calculations whether you need to consider the T order effect or not in designing: Concrete pavements and construction management Assignment, UD, UK
- Drawing on a range of conceptual and theoretical literature, you will provide an analysis of issues in relation to power: Equality Diversity & Inclusion Assignment, UOW, UK
ECON1022 :Assume that the firm has the property rights to the environment and, therefore, it can legally pollute as much as it pleases: Principles of Microeconomics Assignment, UOS, UK
|University||University of Southampton (UOS)|
|Subject||ECON1022: Principles of Microeconomics|
All questions below are based on the following scenario. Suppose that the inverse demand curve for wood is p = 200 − Q, and the private marginal cost of the firms (that is, the unregulated supply function) is MCP = 80+Q. As it happens, cutting down trees generates all kinds of harmful effects not covered by unregulated loggers. For instance, floods occur more often, and soil erosion proceeds much faster. This externality is estimated to create marginal harm of MCE = Q, so that the true total social marginal cost is MCS = MCP + MCE = 80 + 2Q.
You may illustrate the related Consumer Surplus, Producer Surplus, Externality Cost and Tax Revenue (if relevant) etc. in the usual Supply-Demand picture.
- Unregulated market. Find a competitive equilibrium (pe
, Qe) if this market is left unregulated. What is the dead-weight loss relative to the welfare-maximizing social outcome?
- Pigouvian tax. Suppose that the government imposes a tax of t per unit of
wood to reduce the damage caused by this deforestation. What should t be
to eliminate the dead-weight loss?
- Pollution—Coasian approach
A firm’s private Marginal Cost is MC (q) = 8q, where q is the level of output. It can sell any number of units of output at the world price of 64. However, production inflicts damage on the firm’s neighbors. The Marginal Cost of externality inflicted depends on the firm’s output: MCext = 4 + 2q
- What is the utilitarian efficient level of output? What is utilitarian welfare?
- Assume that the firm has the property rights to the environment and, therefore, it can legally pollute as much as it pleases. In the absence of an agreement with its neighbours, what would its level of output be? Suppose that the neighbours negotiate with the firm. If the negotiations lead to the maximal utilitarian welfare, what is the minimum payment that the neighbours
must make to the firm to achieve the associated change in output? What is
the maximum payment?
- Assume that the neighbours have the property rights, so they can impose
legal punitive damages if the firm pollutes at all. In the absence of an
agreement between the firm and its neighbours, what would the level of
output be? If an agreement maximizing utilitarian welfare between the firm
and its neighbours is negotiated, what are the smallest and largest payments
that the firm would have to pay?
- Assume that the firm has property rights. If the government wishes to
control the externality by imposing Pigouvian tax in the form of a unit tax
on firms, what should the tax be to maximize utilitarian efficiency? How
much revenue does it collect?
Do You Need Assignment of This Question
- Asymmetric information
- Suppose a conventional competitive market for a high-quality product. There
are many firms, each with no fixed cost and a marginal cost of MCH = 10 per
unit. Entry and exit are free. There are 1000 consumers, each with a marginal
value of the unit is MVH = 30 − q. In other words, their individual demand curve is q = 30 − p. What are the market demand and market supply curves? What is the equilibrium price, quantity, and welfare?
- Consider an alternative scenario. Suppose that the product on this market is of low quality. A low-quality product is cheaper to produce, the marginal cost is MCL = 6 per unit. Entry and exit is free. But the marginal value from a low-quality product is also lower, MVL = 20−q. In other words, their individual demand curve is q = 20 − p. What are the market demand and market supply curves? What is the equilibrium price, quantity, and welfare?
- Suppose that both high and low-quality firms can exist at the same time
and offer their products. The costs of production of both products are the
same as above, and there are no barriers to entry or exit. Each consumer
can inspect the product and identify its quality. Each consumer has to decide
whether to buy a high or low-quality product at the quality-dependent market
price. Assume that consumers cannot mix the qualities, they have to pick
one. After they decide, their marginal values depending on the quality are
the same as above. What is the equilibrium price for each quality? Which
quality would the consumers choose? What are the equilibrium quantities
in each market?
- Suppose the situation is like in point 3, but no consumer can tell the qualities
apart (Firms know whether they are producing and selling a high quality or a low-quality product). Obviously, if both qualities are traded in equilibrium, they must be traded at the same price. What is the equilibrium price and quantity? What do consumers believe about the quality of the product in equilibrium?1 What are the welfare effects of asymmetric information?
Buy Answer of This Assessment & Raise Your Grades
Are you Looking for reliable online assignment help in UK? Yes, this is a perfect place for you we have a team of skilled assignment writers you just say “Do my Assignment“ and our writers will write your Principles of Microeconomics assignment according to your university guidelines with 100% plagiarism-free at a nominal price.