30 Apr Question: 2. The first two columns of the table show the demand schedule for electricity from a coal-burnin…
2. The first two columns of the table show the demand schedule for electricity from a coal-burning power station; the second and third columns show the power station’s cost of producing electricity. The marginal cost of pollution created is equal to 6 cents per kilowatt th a) With no pollution control, what is the quantity of electricity produced, the price of electricity and the marginal extermal cost of the pollution generated? (5 marks) b) Suppose that the government levie ollution tax, such that the power station produces the efficient quantity. What are the price of electricity, the tax , the tax per day and the quantity of electricity produced? (5 marks) Price Quantity Marginal cost (cents per kilowatt) -(kilowatts per day) (cents per kilowatt) 10 12 16 20 500 400 300 200 100
The table provides information about costs and benefits that arise from the pesticide production that pollutes a lake used by a farmer. 2. Marginal externalMarginal social Output of pesticide (tonnes per week) Marginal Cost cost benefit dollar per tonne) 5 15 30 250 205 165 130 67 100
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