This topic contains a solution. Click here to go to the answer

Author Question: In the above figure, if the price is 1.25 per gallon of milk and 5 million gallons are produced and ... (Read 36 times)

newyorker26

  • Hero Member
  • *****
  • Posts: 536
In the above figure, if the price is 1.25 per gallon of milk and 5 million gallons are produced and consumed, then the consumer surplus is ________ and the producer surplus is ________.
 
  A) 3.125 million; 3.125 million
  B) 12.5 million; 12.5 million
  C) 6.25 million; 6.25 million
  D) None of the above answers are correct.

Question 2

The table above shows information about the costs and benefits of a steel smelter that pollutes the air of a city.
 
  If the marginal external cost is 10 per ton at every quantity of steel produced, the equilibrium quantity when the steel industry is unregulated is ________ tons per week. A) 5
  B) 15
  C) 20
  D) 25



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

stanleka1

  • Sr. Member
  • ****
  • Posts: 325
Answer to Question 1

A

Answer to Question 2

C




newyorker26

  • Member
  • Posts: 536
Reply 2 on: Jun 29, 2018
:D TYSM


Viet Thy

  • Member
  • Posts: 329
Reply 3 on: Yesterday
Excellent

 

Did you know?

A cataract is a clouding of the eyes' natural lens. As we age, some clouding of the lens may occur. The first sign of a cataract is usually blurry vision. Although glasses and other visual aids may at first help a person with cataracts, surgery may become inevitable. Cataract surgery is very successful in restoring vision, and it is the most frequently performed surgery in the United States.

Did you know?

Earwax has antimicrobial properties that reduce the viability of bacteria and fungus in the human ear.

Did you know?

Alcohol acts as a diuretic. Eight ounces of water is needed to metabolize just 1 ounce of alcohol.

Did you know?

When blood is exposed to air, it clots. Heparin allows the blood to come in direct contact with air without clotting.

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates’s recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

For a complete list of videos, visit our video library