Suppose that the market for marijuana is shown in the graph, where MC (private) represents the private
Question:
Suppose that the market for marijuana is shown in the graph, where MC(private) represents the private supply curve and MC(social) represents the social supply curve and reflects the full social marginal costs of production. MB(social) is the demand curve and represents the private and social marginal benefits of marijuana production. From an efficiency standpoint, the socially optimal level of production is ______ounces per week at a price of per_______ ounce.
a. 450; $2,750
b. 400; $2,000
c. 400; $2,500
d. 450; $2,250
e. 400; $2,250
Transcribed Image Text:
Price per ounce MB (social) 4000 3750 3500 3250 3000 2750 2500 2250 2000 1750 1500 1250 1000 MC (private) Quantity (number of ounces/week) MC (social) 600
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (2 reviews)
The socially optimal level of production is the level of production where the social marginal benefi...View the full answer
Answered By
Nicole omwa
Being a highly skilled tutor with at least 5 years of tutoring experience in different areas, I learned how to help diverse learners in writing drafts of research papers, actual research papers and locate credible sources. My assurance is built upon my varied knowledge of a variety of subjects. Furthermore, my involvement and interaction with numerous learners of all levels has allowed me to understand my clients' specific demands. Ultimately, this has aided me in being a better coach to learners to better their grades. Essentially, my responsibilities as a tutor would include:
Teaching abilities that assist pupils in enhancing their academic performance
Personal interaction with learners to make them understand abstract concepts
Inducing new skills and knowledge into their academic journeys
Fostering individual reflection, and independent and critical thinking
Editing and proofreading
Because I am constantly available to respond to your queries, you may decide to rely on me whenever you require my assistance. As an assurance, my knowledge skills and expertise enable me to quickly assist learners with different academic challenges in areas with difficulty in understanding. Ultimately, I believe that I am a reliable tutor concerned about my learner's needs and interests to solve their urgent projects. My purpose is always to assist them in comprehending abstract schoolwork and mastering their subjects. I also understand that plagiarism is a severe offense and has serious ramifications. Owing to this, I always make it a point to educate learners on the numerous strategies to have uniquely unique solutions. I am familiar with the following formatting styles:
MLA
APA
Harvard
Chicago
IEEE
Communication is always the key in every interaction with my learners. Hence, I provide timely communication about the progress of assigned projects. As a result, I make sure that I maintain excellent communication with all of my clients. I can engage with all of my customers more effectively, assisting them with their unique academic demands. Furthermore, I attempt to establish a solid working relationship with my leaners I have exceptional abilities in the below areas;
Sociology
History
Nursing
Psychology
Literature
Health and Medicine
Chemistry
Biology
Management
Marketing
Business
Earth Science
Environmental Studies
Education
Being a teacher who aces in diverse fields, I provide various academic tasks, which include;
Academic Reports
Movie Reviews
Literature Reviews
Annotated bibliographies
Lab reports
Discussion posts
Dissertations
Case study analyses
Research proposals
Argumentative Essays
I guarantee you high-quality Papers!!!!!
5.00+
17+ Reviews
32+ Question Solved
Related Book For
Introduction To Economics Social Issues And Economic Thinking
ISBN: 9780470574782
1st Edition
Authors: Wendy A. Stock
Question Posted:
Students also viewed these Business questions
-
Suppose that the market for marijuana is shown in the accompanying graph, where MC (private) represents the private supply curve and MC (social) represents the social supply curve that reflects the...
-
Social Norms and Private Actions: When asked to explain our actions, we sometimes simply respond by saying it was the right thing to do. The concept of the right thing to do is one that is often...
-
Using the DHL Global Connectedness 2020 Index (see Week 3 folder) examine one country from each of the following lists; Most connected countries 1 Netherlands 2 Singapore 3 Luxembourg 4 Ireland 5...
-
Someone once commented that advertising is Americas greatest export. Discuss.
-
How should organizations set marketing objectives?
-
The condensed balance sheet and income statement data for Symbiosis Corporation are presented below. Additional information: 1. The market price of Symbiosis common stock was $5.00, $3.50, and $2.80...
-
The comparative financial statements for Advanced Auto Technology, Inc., are in the Working Papers. The financial statements have been completed up to the financial analysis section. The following...
-
You are considering an investment in the common stock of Keller Corp. The stock is expected to pay a dividend of $2 a share at the end of the year (D1 = $2.00). The stock has a beta equal to 0.9. The...
-
From an investor's perspective, holding shares (equity) issued by a corporation represents ownership. As such, is it reasonable to suggest that when an investor purchases a bond issued by government...
-
The accompanying table shows the marginal benefits and costs of paper production and consumption per week: a. Based on these private costs and benefits, what will be the equilibrium price of paper?...
-
Suppose the price elasticity of demand for marijuana is -4. If the price of marijuana increased by 2 percent, the quantity demanded will a. Decrease by 8 percent. b. Decrease by 0.5 percent. c....
-
Maya Companys ending inventory includes the following items. Compute the lower of cost or market for ending inventory (a) As a whole (b) Applied separately to each product. Per Unit Product Units...
-
Consider two different implementations, MI and M2, of the same instruction set. There are three classes of instructions (A, B, and C) in the instruction set. MI has a clock rate of 400 MHz, and M2...
-
How do we implement change if a College wants to change the learning management system from Moodle to Canvas? What change approach and of the methodology for the project (supported by a diagnosis...
-
1. Who has the access to employee and payroll records aside from the human resources? How does HR protect the privacy of these files? 2. Can someone collect unemployment after being fired in an at...
-
A Bright Shiny Object (BSO) is a set of measures or criteria that aims to add knowledge to what specialists currently emphasize when educating about a discipline (Church, Scrivani, & Paynter, 2019). ...
-
1. Discuss how the original transition into the New York office should have been handled from and International Human Resources Management perspective. 2. Discuss the bank's international...
-
A statistics professor wanted to find out the average GPA (grade point average) for all students at her university. She used all students enrolled in her statistics class as a sample and collected...
-
Suppose the market is semistrong form efficient. Can you expect to earn excess returns if you make trades based on? a. Your brokers information about record earnings for a stock? b. Rumors about a...
-
The balance in Mesa Companys raw materials inventory account was $45,000 at the beginning of April and $38,000 at the end of April. Raw materials purchased during the month totaled $55,000. Mesa used...
-
The following financial information is for Leeward Company. (Note that the most current financial information is presented in the first column.) Of the total raw materials placed in production for...
-
The following financial information is for Caravelli Company. Of the total raw materials placed in production for the year, $36,000 was for indirect materials. The company had $3,795,000 in sales for...
-
39.A firm's free cash flow in 2020 (FCF 0 ) was $180 million, and expect its free cash flow has a constant growth rate at 5%. If the weight average cost of capital (WACC) for the firm is 10%, what's...
-
Efram and Sofia, both aged 2 4 , are newlyweds. Their after - tax salaries are $ 5 5 , 0 0 0 and $ 4 9 , 0 0 0 , respectively. They have been renting a flat since they started work but have decided...
-
rewrite the following for clarity and justification: Inventory analysis and reporting on each stock-keeping unit (SKU) are crucial to effectively managing lead times
Study smarter with the SolutionInn App