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Learning Goal: I’m working on a economics multi-part question and need an explan

by | Aug 29, 2022 | Economics | 0 comments

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Learning Goal: I’m working on a economics multi-part question and need an explanation and answer to help me learn.
Q3. (18 points) The ivory industry has the following market demand and supply equations:
Demand: P = 600 – 5Q
Supply: P = 200 + 3Q
A. (6 points) Using these equations, calculate the equilibrium quantity (QM) and price (PM). Draw a graph denoting this equilibrium with the intercepts for the demand and supply curve clearly marked (be sure to label the axis and the curves)
B. (8 points) Unfortunately, the acquisition of ivory requires the killing of elephants which are now endangered, and their reduced numbers has greatly disturbed the ecosystem in which they live. Assume the Marginal External Costs (MEC) that arise as the result of this industry is $80.
B1. (4 points) Calculate the Marginal Social Cost (MSC) of the ivory industry as well as the and socially optimal equilibrium quantity (q*) and price (p*).
B2. (4 points) Calculate the deadweight loss created from this negative externality
C. (4 points) In an effort to preserve the elephants, the government has decided to ban the ivory trade and outlaw the killing of elephants. What do you think would be the likely outcome of this solution? What might be a more effective alternative to saving these elephants?

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