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March 27, 2015

Homework Help: Economics-HELP!

Posted by anonymous on Monday, November 23, 2009 at 9:06pm.

1. Consider testing of chemicals for potential carcinogens. To properly test each chemical costs $10 million. If Q chemicals are tested a typical household places value $(1 - 0.01Q) on each chemical tested. There are 100 million households in the U.S.
(a) Calculate the social marginal benefit schedule.
(b) Hence give the optimum number of chemical tests that should be sponsored by the national Institutes for Health.

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