-Attractive landscaping increases the property values of surrounding homes, creating a marginal benefit. The figure above represents the market for monthly landscaping contracts.
a) What is the marginal social benefit of the 40th contract? Of the 60th contract?
b) What is the marginal private benefit of the 40th contract?
c) What is the marginal external benefit of the 40th contract?
d) What is the unregulated competitive equilibrium price and quantity?
e) What is the efficient quantity?
f) What is the amount of the deadweight loss?
Definitions:
Opposable Toes
A characteristic of some primates where the big toe can be moved around to touch the other toes, allowing for more precise manipulation of objects.
Forward-facing Eyes
A trait predominantly found in predators (such as humans), which allows for improved depth perception and binocular vision.
Hominin Fossils
Hominin fossils represent the physical remains of human ancestors and relatives, providing crucial insights into human evolution.
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