If the common pasture were converted to private land and fenced off, what quantity of milk would
Question:
If the common pasture were converted to private land and fenced off, what quantity of milk would be produced? Cows graze on common pasture and can produce milk in the amounts shown in Table 1. The marginal private cost of producing milk is zero.
Table 1
Transcribed Image Text:
TABLE 1 Quantity of milk (gallons per day) 0 20 40 60 80 100 Marginal external cost (dollars per gallon) 0 2 4 6 Marginal social benefit 8 10 15 12 9 6 3 0
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
If the common pasture were co...View the full answer
Answered By
Nazrin Ziad
I am a post graduate in Zoology with specialization in Entomology.I also have a Bachelor degree in Education.I posess more than 10 years of teaching as well as tutoring experience.I have done a project on histopathological analysis on alcohol treated liver of Albino Mice.
I can deal with every field under Biology from basic to advanced level.I can also guide you for your project works related to biological subjects other than tutoring.You can also seek my help for cracking competitive exams with biology as one of the subjects.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Cows graze on common pasture and can produce milk in the amounts shown in Table 1. The marginal private cost of producing milk is zero. 1. What is the quantity of milk produced if use of the common...
-
123 Compare the purely graphical properties of these two notations, and the ways in which the graphical properties of each display correspond to the information structure being defined. Describe...
-
The village of Upper Bigglesworth has a village "commons," a piece of land on which each villager, by law, is free to graze his or her cows. Use of the commons is measured in units of the number of...
-
1. Internal controls are concerned with A) only manual systems of accounting. B) the extent of government regulations. safeguarding assets. C) D) preparing income tax returns. 2. Having one person...
-
Use matrix A to encode the message "Waste not, want not."
-
You cant perform any DML operations on which of the following? a. Views created with the WITH READ ONLY option b. Views that include the DISTINCT keyword c. Views that include a GROUP BY clause d....
-
A states department of transportation plans to develop a new section of interstate highway and receives 16 bids for the project. The state plans to hire four of the bidding companies. How many...
-
In its annual report for the year ended January 31, 2011, Virco Manufacturing Corporation , a producer of school desks and other furniture, provided the following information regarding a change in...
-
The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year follow. The common stock was $118,300 and the retained...
-
Classify each of the items in the list as a private good, a public good, a common resource, or a natural monopoly good. Explain each classification. Use the following list of items to work Problems 1...
-
Classify each of the following items as a public good, a private good, a natural monopoly good, or a common resource: Fire protection A seat at the final match of the U.S. Open (tennis) A...
-
Mid-Continent Railroad Company wishes to evaluate three capital investment proposals by using the net present value method. Relevant data related to the proposals are summarized as follows: 1....
-
A vendor wants to demonstrate conversion to a new software application to enhance patient record security and requests access to several patient records to conduct the demonstration. How do you...
-
use C++ Please don't use other tutors as your own work must have output for the programs Create a node class/struct. Create a queue class/struct. Members: Node - a node that tracks the front of the...
-
Which meeting between the Ground and Aviation staffs during the Air Assault Planning determines which forces are in the first lift and each serial of the first lift, and which specific landing zone...
-
Explain the following; (a) Material Price Variance; (b) Material Mix Variance; (c) Labour Efficiency Variance; (d) Labour Yield Variance; (e) Variable Overhead Efficiency Variance; (f) Fixed Overhead...
-
Linux Operating System Overview Conducting independent research, please write a 2-3 page paper providing an overview of Linux. In particular, focus on the history and evolution of Linux within the...
-
Allstar Exposure designs and sells advertising services to small, relatively unknown companies. Last month, Allstar had sales commissions costs of $50,000, technology costs of $75,000, and research...
-
The words without recourse on an indorsement means the indorser is: a. not liable for any problems associated with the instrument. b. not liable if the instrument is dishonored. c. liable personally...
-
At a market price of $12 a toy, how many toys does the firm produce and what is its economic profit in the short run? How will the number of firms in the market change in the long run? Figure 15.5...
-
At a market price of $12 a toy, how many toys does the firm produce and what is its economic profit in the short run? How will the number of firms in the market change in the long run? Figure 15.5...
-
At a market price of $12 a toy, how many toys does the firm produce and what is its economic profit in the short run? How will the number of firms in the market change in the long run? Figure 15.5...
-
On 1 5 April 2 0 2 1 , Growth Realty Ltd purchased a piece of equipment worth $ 2 0 0 , 0 0 0 by accepting a 6 - month discounted bank bill. The bill has a face value of $ 2 0 9 , 0 0 0 and is due...
-
LM LTD . Follows IFRS and it's accounting year ends December 3 1 . The commpany sells each unit for $ 1 5 0 0 and comes with a standard basic 1 year warranty. The cost of the warranty is estimated to...
-
Current Year Previous Year Sales $4,000,000 $3,600,000 Cost of goods sold 2,280,000 1,872,000 Selling expenses 600,000 648,000 Administrative expenses 520,000 360,000 240,000 Income tax expense...
Study smarter with the SolutionInn App