Question
Consider the market for the automatic sprinkler system. The supply and demand are summarized by the following equations. ----------------------------- Demand: Q = 443 2P Supply:
Consider the market for the automatic sprinkler system. The supply and demand are summarized by the following equations.
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Demand: Q = 443 2P
Supply: Q = 4P - 20
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The installation of an automatic sprinkler system would provide benefit to other people in society as it reduces the risk of a fire spreading to nearby houses. Suppose the consumption/installation of an automatic sprinkler system brings to the society an external benefit of 17.5 dollars per automatic sprinkler system. The unregulated market equilibrium quantity is [Answer] unit(s) of automatic sprinkler system.
(In decimal numbers, with two decimal places, please.)
Continue with the last question. The total welfare for society at the unregulated market equilibrium is [Answer] dollars.
(In decimal numbers, with two decimal places, please.)
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