Explain the concept of market failure and the need for government regulations. Describe the process of internalizing (correcting) the negative externalities and provide one example. (Graph required).
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- (Figure: Nail Polish Externalities) In the figure, Sp (MPC) represents the private supply curve of a particular type of nail polish, whose manufacture is associated with the release of toxic chemicals into the atmosphere. SS (MSC) includes the costs of that toxicity borne by others. What area represents the total externality cost of this nail polish? a) abdc b) abef c) defc d) the total externality cost is unknown. (the answer is NOT b)Negative Externalities are:A. External BenefitsB. Non-excludableC. External CostsD. Non-Rivalous What term was coined by Adam Smith and is a metaphor for an economic guidance system that leads to desirable economic outcomes? A. Competition B. Price mechanism C. Capitalism D. "The invisible hand" What are the two characteristics of a public good? (Choose 2)A. External CostB. Non excludableC. External BenefitD. Non-Rivalous5) Suppose: i) the price of gasoline is $2 per gallon ii) current consumption is 400 (million) gallons per day iii) the elasticity of demand is -0.8 iv) retail provision of gasoline may be approximated as a constant cost industry v) there is an external cost of $0.5 per gallon of gas. Calculate deadweight loss associated with the externality. Draw a figure to illustrate.
- Identify a newspaper article that illustrates a market failure in your assignedCaribbean country. Ensure that you provide a screenshot of the article in your submission. NOTE: Only the following market failures should be examined: public good, asymmetric information, positive or negative externality. (i) Provide a brief summary of the main points in the article. (Maximum 30 words) (ii)Identify the type of market failure being discussed in the article and discuss why market failure occurs in this scenario. (iii) Suggest a relevant government policy that would yield the efficient outcome andcarefully explain the process through which the implementation of the government policy will lead to the optimal outcome. (Maximum 30 words) (iv) How will the imposition of the chosen government policy impact consumer surplus, producer surplus and total surplus in this scenario? (Maximum 30 words)Use the following to answer questions +1-44: Figure: Determining Externalities Price and Costs ($) d C 60 50 45 40 b = 20 a 10 1 C g Ss (MSC) 4 5 Quantity (thousands) Sp (MPC) DFor the following statement given below, indicate whether you tend to agree, disagree, or are uncertain about the truth of the statement, and explain your reasoning. Graphical analysis is encouraged. "A free market will product too much output when negative externalities exist and to0 little output if positive externalities exist."
- Identify a market failure(air pollution or water pollution) in Trinidad and Tobago, identify the type of market failure and discuss why market failure occured. ( public good, asymmetric information, positive or negative externality)Suggest a relevant government policy that would yield the efficient outcome and carefully explain the process through which the implementation of the government policy will lead to the optimal outcome. Carefully explain how the imposition of the chosen government policy impact consumer surplus, producer surplus and total surplus in this scenario.Question Completion Status: The market below has an externality. Which area represents the total cost or benefit of the externality if Qo units are produced and consumed? A H D. MSB Q (If you can't see the graph or want to see a larger version then click here.) O C+E Он O F+G O A+B+DIn the article Examine the following market failures: public good, asymmetric information, positive or negative externality. (i) identify the type of market failure being discussed in the article and discuss why market failure occurs in this scenario.
