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1
1. How relevant the Third Industrial Revolution is to Afghanistan? And what does it mean for us? Give proper explanation and reasons.
2.There is an externality of $18 per unit of
production.
The market demand and supply functions are
Pd : 125 - 0.3 Q
Ps:11+0.90
What is the externality without any regulation or taxes ?
What is the consumer surplus without any regulation or taxes ?
What is the total social welfare without any regulations or taxes ?
Expert Solution
1.The third industrial revolution led to the invention of telecommunications, electronic equipment and computer technology. However, the manufacturing industries in Afghanistan have benefited from this by encountering reduced costs of production, expanded the banking industry.
Explanation:
Through simplified ways of production the business sector has highly benefited by cutting costs, minimal transactions and increased rate of production .This means that there is improved performance hence increased gains.
2.We are given externality of $18 per unit.
By equating demand and supply curve we will get:
Now since the Quantity is equal to 377 units, total externality will be equal to :
2. Consumer surplus can be calculated by: (Area above the price and below the demand curve)
Consumer surplus =
please see the attached file.
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