Suppose a factory emits pollution into the air during its production process. The demand (D) for its output (Q) is p= 2400- Q, its marginal cost of production (MC) is MC= 0.8Q, and the social marginal cost of production () isMC'= 1Q. If the government were to achieve the social optimum amount of production with an emissions fee, then what would be the optimal fee? The optimal fee would be $ nothing per unit of output. (Enter a numeric response using a real number rounded to two decimal places.)

240

Explanation:

The computation of the optimal fee per unit of output is as follows:

As we know that

Marginal cost = Price

MC = P

1Q = 2,400 - Q

1Q + Q = 2,400

2Q = 2,400

Q = 2,400 ÷ 2

= 1,200

MC = 0.8Q

= 0.8 (1,200)

= 960

Now the optimal fee per unit of output is

= 1,200 - 960

= 240

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whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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