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Joseph Company Reported the Following Information for the Current Year

question 99

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Joseph Company reported the following information for the current year: Sales $800,000 Average operating assets$388,000 Desired ROI 13% Residual income $11,900\begin{array}{llr} \text {Sales } &\$800,000\\ \text { Average operating assets} &\$388,000\\ \text { Desired ROI } &13\%\\ \text { Residual income } &\$11,900\end{array}
The company's operating income was:

Identify and justify the use of taxes or subsidies to achieve social optimum.
Analyze the impact of externalities on private and social costs and benefits.
Explain the concept of market equilibrium and how it is affected by externalities.
Understand the role of governmental policies in correcting market failures due to externalities.

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