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Extra resources for The Economics of Social Problems

Example text

II 10 Q. " 0 ~ .. Q. 4(b) Market equilibrium/ollowing a change in conditions 0/ supply 19 Suppose that for some reason the incomes of a large section of the population increase. We would expect some of this additional income to lead to people wanting to buy more butter: some who were not able to afford to buy much before will be able to use butter instead of cheaper substitutes, while others will be able to become more lavish in their use of it. In terms of our diagrams, society's increased affluence can be conveyed by constructing a new demand curve to the right of the original one.

Now if there had been some way of including the benefits to them in the calculations, the sum of my private benefits and their 'external' benefits might have outweighed my personal costs. In that case it would have been socially more efficient for me to have been vaccinated; yet, under the market system, this did not occur. Hence, in the presence of externalities, the market cannot be relied upon always to produce the most efficient solution. ~ o :::!! 2. ) Curve AA shows how the benefit from an extra 'unit' of health care to me (the 'marginal' private benefit) changes as the number of health-care 'units' I consume increases.

At a price of 5p per ton they offer 100 thousand tons as before. Thus we have a situation where demand exceeds supply at the prevailing market price and, therefore, we can expect some upward movement in the price until a new equilibrium is established. 4 (a) by the point of intersection between D'D' and SS, that is an outpu( of 125 thousand tons at a price of 8p per ounce. The rise in price from 5p to 8p has induced producers to supply more and 'choked off' some of the excess demand that existed at the old equilibrium price.

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