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University of Louisiana, Lafayette - ECON 528 Module 7 Homework Assignment
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University of Louisiana, Lafayette - ECON 528 Module 7 Homework Assignment Started on Monday, 8 October 2018, 3:49 PM State Finished Completed on Monday, 8 October 2018, 4:01 PM Time taken 12 mins 21 secs Marks 20.00/20.00 Gr ade 10.00 out of 10.00 (100%) ECON528-850-ECON528-010- Question 1 Correc...

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  • March 8, 2022
  • 18
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • university of louisiana
  • lafayette econ 528 module 7 homework assignment
  • econ 528 module 7 homework assignment

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ECON528-850-ECON528-010-201920
Started on Monday, 8 October 2018, 3:49 PM
State Finished
Completed on Monday, 8 October 2018, 4:01 PM
Time taken 12 mins 21 secs
Marks 20.00/20.00
Grade 10.00 out of 10.00 (100%)

,Question 1
Correct

Mark 1.00 out of 1.00




Figure 17.3




(Figure 17.3) Which of the following statements is (are) TRUE?
I. The socially optimal quantity is 3.
II. The deadweight loss associated with the perfectly competitive output level is $4.50.
III. The external marginal cost is $6.



Select one:
a. I, II, and III
b. I
c. II and III
d. I and II



Your answer is correct.

, Question 2
Correct

Mark 1.00 out of 1.00




Use the following to answer question 2:


Table 17.1


Quantity Price Private Marginal External Marginal
Cost Cost
($ per unit)
0 100 — —
1 90 10 30
2 80 20 30
3 70 40 30
4 60 60 30
5 50 80 30
6 40 100 30
7 30 120 30
(Table 17.1) According to the table, what is the socially optimal output level?

Select one:
a. 7
b. 3
c. 4
d. 0



Your answer is correct.
The correct answer is: 3

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