Problemfigure 18p-4 shows supply and demand for first-aid, Ask an Expert

Economics

Problem

Figure 18P-4 shows supply and demand for first-aid training, based on private costs and benefits.

a. Suppose that the external benefit from first-aid training is worth $6. Graph the demand curve for first-aid training based on the social benefits.

b. How many hours of first-aid training will occur?

c. What is the socially optimal quantity of first-aid training?

d. How much surplus is lost when consumers are unable to capture the $6 external benefit they provide from first-aid training?

1700_Figure 18P-4.jpg

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M92757896

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