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Question # 00004934
Subject: Economics
Due on: 12/09/2013
Posted On: 12/08/2013 11:58 AM

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Homework 3 Fall 2012

Due date: October 15th, 2012 Principles of Economics: Micro

1. Some Oakland, California residents are sick and tired of tripping over burger wrappers and soda cans, and the city is ready to do something about it. The Oakland City Council is proposing a tax on fast-food restaurants, gas station markets, liquor stores and convenience stores that serve take-out food or beverages. Councilwoman Jane Brunner, who wrote the legislation, estimates that the tax will raise approximately $237,000 per year, which would cover the cost of a clean-up crew and the initial purchase of trucks and equipment to keep the streets and sidewalks surrounding the city’s schools litter free. “Having a clean city affects everything,” Brunner said.

a) What is the external cost associated with take-out food and beverages?

b) Draw a graph to illustrate and explain why the market for take-out food and beverages is inefficient or socially inoptimal.

c) Draw a graph to illustrate and explain how Oakland’s policy might improve efficiency.

Tags microeconomics food takeout oakland illustrate graph draw andexplain beverages city trucks purchase policy equipment streets surrounding andsidewalks improve efficiency cover year cost cleanup initial crewand citys schools beveragesb costaociated external oaklands

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Preview: gas xxxxxxx markets, xxxxxx stores and xxxxxxxxxxx stores that xxxxx take-out xxxx xx beverages xxxxxxxxxxxx Jane Brunner, xxx wrote the xxxxxxxxxxxx estimates xxxx xxx tax xxxx raise approximately xxxxxxxx per year, xxxxx would xxxxx xxx cost xx a clean-up xxxx and the xxxxxxx purchase xx xxxxxx and xxxxxxxxx to keep xxx streets and xxxxxxxxx surrounding.....
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