What is the socially optimal level of output

Reference no: EM133394139

1. What is the socially optimal level of output? Please enter a whole number, with no special characters like dollar signs, no space before or after or in between, and no letters.

2. Suppose that steel is produced by a single-price monopoly. What price will the monopolist set? Please enter a whole number, with no special characters like dollar signs, no space before or after or in between, and no letters.

3. Suppose that steel is produced by a single-price monopoly. To induce social efficiency, government decides to intervene by taxing or subsidizing the monopoly firm. What is the dollar value of the necessary tax or subsidy (+ means tax, - means subsidy)? Please enter a whole number, with no special characters like dollar signs, no space before or after or in between, and no letters. For example, "2" means the government imposes a $2 tax and "-2" means the government imposes a $2 subsidy.

4. Suppose that steel is produced in a competitive market in long-run equilibrium. What price will firms charge? Please enter a whole number, with no special characters like dollar signs, no space before or after or in between, and no letters.

5.Suppose that steel is produced in a competitive market in long-run equilibrium. To induce social efficiency, the government decides to intervene by taxing or subsidizing the firms. What is the dollar value of the necessary tax or subsidy (+ means tax, - means subsidy)? Please enter a whole number, with no special characters like dollar signs, no space before or after or in between, and no letters. For example, "2" means the government imposes a $2 tax and "-2" means the government imposes a $2 subsidy.

Reference no: EM133394139

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