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# The actual problems can be found at this site: highered.mcgraw-hill.com/sites/dl/.../Sc

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The actual problems can be found at this site: highered.mcgraw-hill.com/sites/dl/.../SchillerTET_ProblemSet_001_070.pdf I need help with problem 1, 5, 6 PROBLEMS FOR CHAPTER 4 Name: 1. In Figure 4.2 , by how much is the market (a) Overproducing private goods? (a) (b) Underproducing public goods? (b) 2. Use Figure 4.3 to illustrate on the accompanying production possibilities curve (a) The market mix of output ( M ). (b) The optimal mix of output ( X ). 3. Assume that the product depicted below generates external costs in consumption of \$4 per unit. (a) Draw the social demand curve. (b) What is the socially optimal output? (b) (c) By how much does the market overproduce this good? (c) L O1 L O1 L O1 OTHER GOODS (units per year) CIGARETTES (packs per year) 4. In the previous problem’s market equilibrium, what is (a) The market value of the good? (b) The social value of the good? L O1 QUANTITY PRICE Market supply Market demand 0 1 1 5 15 20 25 2 3 4 5 6 7 8 9 10 11 12 13 14 15 5. If the average adult produces \$75,000 of output per year, how much output is lost as a result of deaths from secondhand smoke, according to the News on page 70? \$ 6. (a) Assuming a 10 percent sales tax is levied on all consumption, complete the following table: Sales Percent of Income Consumption Tax Income Paid in Taxes \$10,000 \$12,000 20,000 18,000 40,000 32,000 80,000 60,000 (b) Is the sales tax progressive or regressive? L O1 L O2 economics 87
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