Econ 1 PS 1 F07

Econ 1 PS 1 F07 - DARTMOUTH COLLEGE ECONOMICS 1: PRICE...

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D ARTMOUTH C OLLEGE P ROFESSOR J ESSE G IUMMO E CONOMICS 1: P RICE S YSTEM P ROBLEM S ET #1: D UE S UNDAY 10/7/07 Instructions: The answers for Problem Set #1 do not need to be handed in. Instead you will be required to provide your answers on the Problem Set #1 Assessment that will be located on Blackboard in the Assignments folder. The assessment must be completed by midnight of Sunday October 7 th . Note: You are not force to complete the assessment if you open it on Blackboard. Question #1 : A firm produces a good that it sells for $10 each. The firm is able to sell all the goods it produces. The table below provides the cost of producing the good for the firm. However, the production of the good also creates pollution, which imposes a cost for society, but not for the firm. Assume the social value of production is equal to the price at which the firm sells the goods. a) Please complete the table below. Quantity
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Econ 1 PS 1 F07 - DARTMOUTH COLLEGE ECONOMICS 1: PRICE...

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