Question: 3. John Gardner is the city official. The city is considering a proposal to award an exclusive co…

30 Apr Question: 3. John Gardner is the city official. The city is considering a proposal to award an exclusive co…

Posted at 19:35h in 2Past Paper by Exams

3. John Gardner is the city official. The city is considering a proposal to award an exclusive contract to Cleanco, a waste collection company. Mr. Gardner has discovered that an economic planner hired a year ago has generated the demand, marginal revenue, total cost and marginal cost functions for the market as given below: P 28-0.0008Q MR 28 -0.0016Q TC = 120,000 + 0.0006ơ MC 0.0012Q, where Q the number of households and P- the price of basic monthly disposal services. Conditions change very slowly in the community so that Mr. Gardner considers the cost and demand functions to be reasonably valid for present conditions. Mr. Gardner knows relatively little economics and has hired you to use the information above to answer the questions listed below 1 of 2 (a) What price and quantity would be expected if the firm is allowed to operate completely unregulated asa (b) Mr. Gardner has asked you to recommend a price and quantity that would be socially efficient. (c) Compare the economic efficiency implications of (a) and (b) above. Your answer need not include monopoly? Recommend a price and quantity to Mr. Gardner, using economic theory to justify your answer. numerical calculations, but should include relevant diagrams to demonstrate deadweight loss.

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