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1. Determine the water pricing structure that is used in your hometown. Using the criterion of alloca- tive efficiency, defend the current practice, or pro- pose an alternative pricing structure.
2. Suppose the market for household drinking water in San Francisco is modeled as follows:S = MSC = 10 + 0.2Q D = MSB = 40 - 0.4Q
where Q is millions of gallons per day and MSCand MSB are in cents per gallon.
a. Assuming the city officials use a flat fee pricing system for drinking water, find the equilibrium amount of water that households in San Fran- cisco would use.
b. Suppose instead that officials set the price of water to reflect the true marginal social costs of production. Show that such an approach promotes water conservation by determining the equilibrium quantity, and find the price that must be set to achieve this outcome.
Continue to assume that your firm will survive for only one production period.
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considering the constrained consumer choice problem for two normal goods explain the process by which the consumer
There are 100 dog kennels in Atlanta. An economist studying the pricing behavior of dog kennels tells you that she is limiting her analysis to a time period that does not allow for any new dog kennels to enter the industry or for any established d..
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