Marginal Cost and Marginal BenefitQuantity (hives) MCprivate MBprivate MBexternal MBsocial1 $100 $300 $ $ 2 200 300 3 300 300 4 400 300 5 500 300  Instructions: Enter your answers as a whole number. a. What is "private quantity" of hives for Amanda to tend?      hive(s) Now suppose that each of Amanda’s bee hives also provides pollination services to surrounding farms and that these services are worth $100 per hive per month.  b. Fill in the external marginal benefit (MBexternal) and the social marginal benefit (MBsocial) columns in the table above. c. What is the socially efficient number of hives for Amanda to tend if all costs and benefits are considered?      hive(s)

Amanda keeps bees to produce honey. Each hive produces $300 worth of honey each month. The table below shows Amanda’s marginal cost of tending each bee hive and her private marginal benefit, which is equal to the market value of the honey each hive produces. Marginal Cost and Marginal BenefitQuantity (hives) MCprivate MBprivate MBexternal MBsocial1 $100 $300 $ $ 2 200 300 3 300 300 4 400 300 5 500 300

Marginal Cost and Marginal BenefitQuantity (millions of megawatts) MBprivate MCprivate MCexternal MCsocial1.0 $145 $85 $ $ 2.0 130 90 3.0 115 95 4.0 100 100 5.0 85 105 6.0 60 110  Instructions: Enter your answers as a whole number. a. What is "private quantity" of electricity Texarkana Electric Company will produce each year?    million megawatts per year Now assume the production of each million megawatts of electricity also produces sulfur dioxide (a precursor to acid rain). The external cost of the sulfur dioxide is $20 per million megawatts of electricity production.  b. Fill in the external marginal cost (MCexternal) and the social marginal cost (MCsocial) columns in the table above. c. What is the socially optimal amount of electricity for Texarkana to produce if all costs and benefits are considered?      million megawatts per year

Texarkana Electric Company burns coal to heat the water that drives its electricity-producing turbines. The table below shows the marginal benefit of annual electricity consumption and the private marginal cost of annual electricity production. Marginal Cost and Marginal BenefitQuantity (millions of megawatts) MBprivate MCprivate MCexternal MCsocial1.0 $145 $85 $ $ 2.0 130 90 3.0 115 95 4.0 100 100 5.0 85 105 6.0 60 110  Instructions: Enter your answers as a whole number. a. What is "private quantity" of electricity Texarkana Electric Company will produce each year?    million megawatts per year Now assume the production of each million megawatts of electricity also produces sulfur dioxide (a precursor to acid rain). The external cost of the sulfur dioxide is $20 per million megawatts of electricity production.  b. Fill in the external marginal cost (MCexternal) and the social marginal cost (MCsocial) columns in the table above. c. What is the socially optimal amount of electricity for Texarkana to produce if all costs and benefits are considered?      million megawatts per year

The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Smitten, a perfectly competitive firm that produces children’s mittens in a competitive market.  Smitten's Production CostsQuantity (pairs of mittens) Marginal Cost (dollars) Average Total Cost (dollars)5 $1.50 $8.0010 2.00 5.0015 2.50 4.5020 3.50 4.0025 4.00 4.0030 5.00 4.5035 6.00 5.0040 8.50 5.50 Smitten’s marginal cost and average total cost curves are shown below. Instructions: In part a, enter your answer as a whole number. In parts b, c, d,  and e, round your answers to two decimal places. a. If the market price of children’s mittens is $6.00 per pair, how many pairs of children’s mittens should Smitten produce per week to maximize its profits?      10 Numeric ResponseEdit Unavailable. 10 incorrect.pairs of mittens b. When the market price is $6.00, what is Smitten’s average total cost at the profit-maximizing quantity of children’s mittens?      $ 60 Numeric ResponseEdit Unavailable. 60 incorrect.  c. What are Smitten’s weekly profits if the market price is $6.00 per pair and the firm produces the profit-maximizing quantity of mittens?      $ 55 Numeric ResponseEdit Unavailable. 55 incorrect. d. What are Smitten’s weekly profits if the market price is $5.00 per pair and the firm produces the profit-maximizing quantity of mittens?      $ 45 Numeric ResponseEdit Unavailable. 45 incorrect. e. At what price would Smitten earn a normal profit?      $ 4 Numeric ResponseEdit Unavailable. 4 correct.

Use the following information to answer the question below. Cloe is given $4 of pocket money to be spent on either hard candies or chocolates. Chocolates cost 40 cents each and hard candies cost 80 cents each. The marginal utilities derived from the consumption of each product are as shown in the following table. Number of ItemsMarginal Utility of ChocolatesMarginal Utility of Hard Candies160150250140340120430100520 80610 707  5 508  0 20 What is Cloe’s total utility at her utility maximizing bundle?Multiple Choice870 utils620 utils80 utils150 utils