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1. The table below describes traffic on a congestible freeway. Plot and label the marginal social cost (MC), average private cost (AC), and demand (D) curves on the provided graphi paper. T refers to the number of cars on the freeway. $7.50 $7.25 $7.00 $6.75 $6.50 56.25 $6.00 $5.75 $5.50 55.25 $5.00 $4.75 54 50 $4.25 $4.00 $3.75 $3.50 $3.25 $3.00 $2.75 $2.50 $2.25 $2.00 $1.75 $1.50 $1.25 $1.00 $0.75 $0.50 $0.25 S- 0 T 1 1 2 3 $ S $ S 4 $ 5 $ 6 $ 7 $ 8 $ 9 $ 10 $ 11 $ 12 $ 13 $ 14 $ 15 $ 16 $ 17 S 18 $ 19 $ 20 $ 21 $ 22 $ 23 S 24 $ 25 $ MC 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.20 $ 3.40 S 3.60 $ 3.80 $ 4.00 $ 4,20 S 4.40 $ 4.60 $ 4.80 $ 5.00 $ 5.20 $ 5.40 $ 5.60 $ 5.80 $ 6.00 $ 6.20 $ 6.40 $ 6.60 $ 6.80 $ 7.00 $ AC 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.10 $ 3.20 S 3.30 $ 3.40 $ 3.50 $ 3.60 $ 3.70 $ 3.80 $ 3.90 $ 4.00 $ a) What is the equilibrium level of traffic? b) What is the socially optimal level of traffic? c) At what level of traffic does congestion appear? d) What toll would reduce traffic from the equilibrium to the social optimum? 4.10 $ 4.20 $ 4.30 $ 4.40 $ 4.50 $ 4.60 S 4.70 S 4.80 $ 4.90 $ 5.00 $ D 6.50 6.40 6.30 6.20 6.10 6.00 5.90 5.80 5.70 5.60 5.50 5.40 5.30 5.20 5.10 5.00 4.90 4,80 4,70 4.60 4.50 4.40 4.30 4,20 4.10 4.00 Label it Teo on the chart. Label it Topt on the chart. Label it Tear on the chart. 7 10 11 12 13 14 15 16 17 18 19 20 21 22 23

1. The table below describes traffic on a congestible freeway. Plot and label the marginal social cost (MC), average private cost (AC), and demand (D) curves on the provided graphi paper. T refers to the number of cars on the freeway. $7.50 $7.25 $7.00 $6.75 $6.50 56.25 $6.00 $5.75 $5.50 55.25 $5.00 $4.75 54 50 $4.25 $4.00 $3.75 $3.50 $3.25 $3.00 $2.75 $2.50 $2.25 $2.00 $1.75 $1.50 $1.25 $1.00 $0.75 $0.50 $0.25 S- 0 T 1 1 2 3 $ S $ S 4 $ 5 $ 6 $ 7 $ 8 $ 9 $ 10 $ 11 $ 12 $ 13 $ 14 $ 15 $ 16 $ 17 S 18 $ 19 $ 20 $ 21 $ 22 $ 23 S 24 $ 25 $ MC 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.20 $ 3.40 S 3.60 $ 3.80 $ 4.00 $ 4,20 S 4.40 $ 4.60 $ 4.80 $ 5.00 $ 5.20 $ 5.40 $ 5.60 $ 5.80 $ 6.00 $ 6.20 $ 6.40 $ 6.60 $ 6.80 $ 7.00 $ AC 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.10 $ 3.20 S 3.30 $ 3.40 $ 3.50 $ 3.60 $ 3.70 $ 3.80 $ 3.90 $ 4.00 $ a) What is the equilibrium level of traffic? b) What is the socially optimal level of traffic? c) At what level of traffic does congestion appear? d) What toll would reduce traffic from the equilibrium to the social optimum? 4.10 $ 4.20 $ 4.30 $ 4.40 $ 4.50 $ 4.60 S 4.70 S 4.80 $ 4.90 $ 5.00 $ D 6.50 6.40 6.30 6.20 6.10 6.00 5.90 5.80 5.70 5.60 5.50 5.40 5.30 5.20 5.10 5.00 4.90 4,80 4,70 4.60 4.50 4.40 4.30 4,20 4.10 4.00 Label it Teo on the chart. Label it Topt on the chart. Label it Tear on the chart. 7 10 11 12 13 14 15 16 17 18 19 20 21 22 23

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter12: Environmental Protection And Negative Externalities
Section: Chapter Questions
Problem 43P: A city currently emits 15 million gallons (MG) of raw sewage into a lake that is beside the city....
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1. The table below describes traffic on a congestible freeway, Plot and label the marginal social cost (MC), average private cost (AC), and demand (D) curves on the provided graph paper. T refers to the number of cars on the freeway. $7.50 $7.25 $7.00 $6.75 $6.50 56.25 $6.00 55.75 $5.50 55.25 $5.00 $4.75 $4.50 $4.25 $4.00 53.75 $3.50 53.25 $3.00 $2.75 $2.50 $2.25 $2.00 $1.75 $1.50 $1.25 $1.00 50.75 $0.50 $0.25 S 0 T 1 Ś $ S 3 $ 4 $ 1 5 $ 6 $ 7 $ 8 $ 9 $ 10 $ 11 $ 12 $ 13 $ 14 $ 15 $ 16 $ 17 $ 18 $ 19 $ 20 $ 21 $ 22 $ 23 $ 24 $ 25 $ MC 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.20 $ 3.40 $ 3.60 $ 3.80 $ 4.00 $ 4.20 $ 4.40 Ś 4.60 $ 4.80 $ 5.00 $ 5.20 Ś 5.40 $ 5.60 $ 5.80 $ 6.00 $ 6.20 $ 6.40 $ 6.60 $ 6.80 $ 7.00 $ AC 3.00 $ 3.00 $ 3.00 Ś 3.00 $ 3.00 $ 3.00 $ 3.10 $ 3.20 S 3.30 S 3.40 S 3.50 $ 3.60 3.70 $ 3.80 $ 3.90 $ 4.00 $ 4.10 S 4.20 $ 4.30 $ $ 4.50 $ 4.60 $ 4.70 $ 4.80 $ 4.90 $ 5.00 $ D 6.50 6.40 a) What is the equilibrium level of traffic? b) What is the socially optimal level of traffic? c) At what level of traffic does congestion appear? d) What toll would reduce traffic from the equilibrium to the social optimum? 6.30 6.20 6.10 6.00 5.90 5.80 5.70 5.60 5.50 5.40 5.30 5.20 5.10 5.00 4.90 4.80 4.60 4.50 4.40 4.30 4.20 4.10 4.00 Label it Teg on the chart. Label it Toot on the chart. Label it Tear on the chart. 8 10 11 12 13 14 15 16 18 19 20 21 22 Traffic (T) 25
Transcribed Image Text:1. The table below describes traffic on a congestible freeway, Plot and label the marginal social cost (MC), average private cost (AC), and demand (D) curves on the provided graph paper. T refers to the number of cars on the freeway. $7.50 $7.25 $7.00 $6.75 $6.50 56.25 $6.00 55.75 $5.50 55.25 $5.00 $4.75 $4.50 $4.25 $4.00 53.75 $3.50 53.25 $3.00 $2.75 $2.50 $2.25 $2.00 $1.75 $1.50 $1.25 $1.00 50.75 $0.50 $0.25 S 0 T 1 Ś $ S 3 $ 4 $ 1 5 $ 6 $ 7 $ 8 $ 9 $ 10 $ 11 $ 12 $ 13 $ 14 $ 15 $ 16 $ 17 $ 18 $ 19 $ 20 $ 21 $ 22 $ 23 $ 24 $ 25 $ MC 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.20 $ 3.40 $ 3.60 $ 3.80 $ 4.00 $ 4.20 $ 4.40 Ś 4.60 $ 4.80 $ 5.00 $ 5.20 Ś 5.40 $ 5.60 $ 5.80 $ 6.00 $ 6.20 $ 6.40 $ 6.60 $ 6.80 $ 7.00 $ AC 3.00 $ 3.00 $ 3.00 Ś 3.00 $ 3.00 $ 3.00 $ 3.10 $ 3.20 S 3.30 S 3.40 S 3.50 $ 3.60 3.70 $ 3.80 $ 3.90 $ 4.00 $ 4.10 S 4.20 $ 4.30 $ $ 4.50 $ 4.60 $ 4.70 $ 4.80 $ 4.90 $ 5.00 $ D 6.50 6.40 a) What is the equilibrium level of traffic? b) What is the socially optimal level of traffic? c) At what level of traffic does congestion appear? d) What toll would reduce traffic from the equilibrium to the social optimum? 6.30 6.20 6.10 6.00 5.90 5.80 5.70 5.60 5.50 5.40 5.30 5.20 5.10 5.00 4.90 4.80 4.60 4.50 4.40 4.30 4.20 4.10 4.00 Label it Teg on the chart. Label it Toot on the chart. Label it Tear on the chart. 8 10 11 12 13 14 15 16 18 19 20 21 22 Traffic (T) 25
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1. The table below describes traffic on a congestible freeway, Plot and label the marginal social cost (MC), average private cost (AC), and demand (D) curves on the provided graph paper. T refers to the number of cars on the freeway. $7.50 $7.25 $7.00 $6.75 $6.50 56.25 $6.00 55.75 $5.50 55.25 $5.00 $4.75 $4.50 $4.25 $4.00 53.75 $3.50 53.25 $3.00 $2.75 $2.50 $2.25 $2.00 $1.75 $1.50 $1.25 $1.00 50.75 $0.50 $0.25 S 0 T 1 Ś $ S 3 $ 4 $ 1 5 $ 6 $ 7 $ 8 $ 9 $ 10 $ 11 $ 12 $ 13 $ 14 $ 15 $ 16 $ 17 $ 18 $ 19 $ 20 $ 21 $ 22 $ 23 $ 24 $ 25 $ MC 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.20 $ 3.40 $ 3.60 $ 3.80 $ 4.00 $ 4.20 $ 4.40 Ś 4.60 $ 4.80 $ 5.00 $ 5.20 Ś 5.40 $ 5.60 $ 5.80 $ 6.00 $ 6.20 $ 6.40 $ 6.60 $ 6.80 $ 7.00 $ AC 3.00 $ 3.00 $ 3.00 Ś 3.00 $ 3.00 $ 3.00 $ 3.10 $ 3.20 S 3.30 S 3.40 S 3.50 $ 3.60 3.70 $ 3.80 $ 3.90 $ 4.00 $ 4.10 S 4.20 $ 4.30 $ $ 4.50 $ 4.60 $ 4.70 $ 4.80 $ 4.90 $ 5.00 $ D 6.50 6.40 a) What is the equilibrium level of traffic? b) What is the socially optimal level of traffic? c) At what level of traffic does congestion appear? d) What toll would reduce traffic from the equilibrium to the social optimum? 6.30 6.20 6.10 6.00 5.90 5.80 5.70 5.60 5.50 5.40 5.30 5.20 5.10 5.00 4.90 4.80 4.60 4.50 4.40 4.30 4.20 4.10 4.00 Label it Teg on the chart. Label it Toot on the chart. Label it Tear on the chart. 8 10 11 12 13 14 15 16 18 19 20 21 22 Traffic (T) 25
Transcribed Image Text:1. The table below describes traffic on a congestible freeway, Plot and label the marginal social cost (MC), average private cost (AC), and demand (D) curves on the provided graph paper. T refers to the number of cars on the freeway. $7.50 $7.25 $7.00 $6.75 $6.50 56.25 $6.00 55.75 $5.50 55.25 $5.00 $4.75 $4.50 $4.25 $4.00 53.75 $3.50 53.25 $3.00 $2.75 $2.50 $2.25 $2.00 $1.75 $1.50 $1.25 $1.00 50.75 $0.50 $0.25 S 0 T 1 Ś $ S 3 $ 4 $ 1 5 $ 6 $ 7 $ 8 $ 9 $ 10 $ 11 $ 12 $ 13 $ 14 $ 15 $ 16 $ 17 $ 18 $ 19 $ 20 $ 21 $ 22 $ 23 $ 24 $ 25 $ MC 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.00 $ 3.20 $ 3.40 $ 3.60 $ 3.80 $ 4.00 $ 4.20 $ 4.40 Ś 4.60 $ 4.80 $ 5.00 $ 5.20 Ś 5.40 $ 5.60 $ 5.80 $ 6.00 $ 6.20 $ 6.40 $ 6.60 $ 6.80 $ 7.00 $ AC 3.00 $ 3.00 $ 3.00 Ś 3.00 $ 3.00 $ 3.00 $ 3.10 $ 3.20 S 3.30 S 3.40 S 3.50 $ 3.60 3.70 $ 3.80 $ 3.90 $ 4.00 $ 4.10 S 4.20 $ 4.30 $ $ 4.50 $ 4.60 $ 4.70 $ 4.80 $ 4.90 $ 5.00 $ D 6.50 6.40 a) What is the equilibrium level of traffic? b) What is the socially optimal level of traffic? c) At what level of traffic does congestion appear? d) What toll would reduce traffic from the equilibrium to the social optimum? 6.30 6.20 6.10 6.00 5.90 5.80 5.70 5.60 5.50 5.40 5.30 5.20 5.10 5.00 4.90 4.80 4.60 4.50 4.40 4.30 4.20 4.10 4.00 Label it Teg on the chart. Label it Toot on the chart. Label it Tear on the chart. 8 10 11 12 13 14 15 16 18 19 20 21 22 Traffic (T) 25
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