A goal of equality of income can be justified based on the utilitarian idea that _____
a. individuals face diminishing marginal utility of income
b. social welfare functions are convex to the origin
c. rich people have more than they every could need
d. redistribution does not lead to an increased excess burden of taxation
a
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In the above table, when 200 brownies are produced
A) marginal social benefit is greater than marginal social cost, and resource use is efficient. B) marginal social benefit is greater than marginal social cost, and there is a deadweight loss. C) marginal social benefit equals marginal social cost, and resource use is efficient. D) marginal social benefit is less than marginal social cost, and there is a deadweight loss.
Suppose a monopolist has TC = 100 + 10Q + 2Q2, and the demand curve it faces is p = 90 - 2Q. What will be the price, quantity, and profit for this firm?
What will be an ideal response?