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Q3: Consider the demand and supply curves depicted on the diagram here. 11 (a) The demand curve tells us the 10 S, MC : that a consumer will derived from consuming 00 an additional unit of the good. (b) The supply curve gives us the that a A producer will incur from producing an w additional unit of the good. N *** The Steps D, MB 7 8 9 Quantity (c) Given D, what is the additional benefit from consuming the first unit? Answer: $ (d) Given your answer in (c), what is the maximum offering price that the consumer will offer for the first unit? Answer: $ (e) Given S, what is the additional cost from producing the first unit? Answer: $ (f) Given your answer in (e), what is the minimum asking price that the producer will ask for the first unit? Answer: $ (g) Given your answers in (d) and (f), what is the zone of possible agreement for the price of the first unit? Answer: between $ and $ (h) Once the first unit is bought and sold, what is the economic surplus (i.e., the sum of consumer and producer surplus)? (If negative, include a negative sign.) Answer: $ *** Follow the same steps in (c) ~ (h) to answer the questions (i) ~ (m) below: (i) What is the economic surplus from the second unit? Answer: $ j) What is the economic surplus from the third unit? Answer: $ k) What is the economic surplus from the fourth unit? Answer: $ (1) What is the economic surplus from the fifth unit? Answer: $ (m) What is the economic surplus from the sixth unit? Answer: $ (n) How many units of the good should be bought and sold? Answer: unit(s)0,4: The following questions have to do with problems associated with infon'natton asymmetry between buyers and sellers. Identify the economic problem in each of the following two statements: {Choose among: public goods, moral hazard, externallties, and adverse selection} {a} A situation in which one party gets involved in a risky event knowing that it is protected against the risk and the other party will incur the cost. The problem arises when the two parties have asymmetric information about each other. Answer: {b} The tendency for an inferior productlperson to be selected when there is information asymmetry between the two sides of the transaction. Answer: 05: What's wrong with the insurance policy depicted in the picture below? {A} It Is likely to encounter problems related to moral hazard because the bad drivers would have no fear and would speed, while the insurance company does not know who bad drivers are. {B} It Is likely to encounter problems related to adverse selection because good drlvers would not likely to buy this insurance policy due to high premiums. {C} The market for this policy ls likely to collapse over time because It would attract only bad drivers and the premiums will eventually become so high that no one can afford it. [D] Answers {A}, {B} and {C} are all correct. {E} Neither moral hazard nor adverse selection is likely to occur. Amer