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Jake - Negative externalities of consumption 

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Jake - Negative externalities of consumption 

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Negative externality of consumption  occurs when consumption of a certain good impose costs to third parties outside the market.

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Visal - Negative externalities of consumption summary 

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Visal - Negative externalities of consumption summary 

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Negative externalities of consumptions occurs when the consumption of a good has an negative effect on third parties.

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Tonwaan - Negative externalities of consumption summary

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Tonwaan - Negative externalities of consumption summary

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Negative externalities of consumption are when the consumption of a good has a harmful effect on a third party. Examples of negative externalities of consumption are cigarette smoking as second hand smoke can harm others, loud music as it can irritate other people, and consumption of alcohol as it could lead to increased risk of car accidents. Social efficiency occurs at a lower output social marginal benefit = social marginal cost.

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Divyansh - Negative externalities of consumption summary

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Divyansh - Negative externalities of consumption summary

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Negative externalities of consumption occur when consuming a good causes harm to a third party.

Occurs when consumers don't account for the costs to other people.

Example:
1. Fuel consumption

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Negative externalities occur when the consumption or production of a good causes a harmful effect to a third party

example:
loud music, pollution, congestion, building a new road

personal cost: individual cost, your cost
negative externalities: other peoples cost, the effects of what you do on other people

social cost: total cost to society, both private and external costs
with a negative externality: social cost > private cost
- ^aka. negative production externality

examples:
burning coal, producing conventional vegetables with pesticides, etc.

negative externality of consumption: social benefit < private benefit

examples:
consuming alcohol leads to an increased risk of accidents, loud music keeps neighbours awake, cigarettes and second hand smoke

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1. Negative Externalities’ welfare loss triangle is on the right

2. Positive Externalities’ welfare loss triangle is on the left

3. Production graphs two “supply” curves (MPC and MSC)

4. Negative Production have MSC line above MPC

5. Positive Production have MPC line above MSC

6. Consumption graphs two “demand” curves (MPB and MSB)

7. Negative Consumption have MPB line above MSB

8. Positive Consumption have MSB line above MPB

9. Production: line between MSC and MPC is external cost

10. Consumption: line between MPB and MSB is external cost

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1. Externalities of production have two supply curves

2. Externalities of consumption have two demand curves

3. The external cost for externalities of production is between the two supply curves

4. The external cost for externalities of consumption is between the two demand curves

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1. Negative → the point of the triangle (welfare loss) is on the left side
2. Positive → the point of the triangle (welfare loss) is on the right side
3. Production → two supply curve (MSC and MPC)
4. Consumption → two demand curve (MSB and MPB)
5. The triangle always point Q opt

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Positive externality graphs can be seen to have a welfare loss on the right side of 
QOpt
Negative externality graphs can be seen to have a welfare loss on the left side of QOpt
Positive externalities can be seen to have two demand curves 
Negative externalities can be seen to have two supply curves
The gap of the positive externalities are determined by the external benefits
The gap of the negative externalities are determined by the external costs

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1. The welfare loss is pointing to the left side in both the negative externalities

2. The welfare loss is pointing to the right side in both positive externalities

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1. Positive externality graphs can be seen to have a welfare loss on the right side of QOpt

2. Negative externality graphs can be seen to have a welfare loss on the left side of QOpt

3. Externalities of consumption can be seen to have two demand curves

4. Externalities of production  can be seen to have two supply curves

5. The gap of the positive externalities are determined by the external benefits

6. The gap of the negative externalities are determined by the external costs

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1. Production diagrams affect the supply curve

2. Consumption effects the demand curve

3. Welfare loss triangle in the positive diagrams are pointing rightwards

4. Welfare loss triangle in the negative diagrams are pointing left

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For externalities of production, MSC is unequal to MPC (social costs and private costs are different)

For externalities of consumption, MPB is unequal to MSB

Negative externalities have the welfare loss to the right

Positive externalities have welfare loss to the left

For negative externalities, Qm is greater than Qopt

For positive externalities, Qopt is greater than Qm

When private benefits/costs are greater than social, Pm is greater than Popt

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1. Tip of the triangle in the negative externalities are pointing to the left
2. Tip of the triangle in the positive externalities are pointing to the right
(The triangles are pointing toward the opt. equilibrium
3. For production, there are two lines of the supply curves
4. For consumption, there are two lines of demand curves
5. For production, MPB = MSB
6. For consumption, MPC = MSC

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The deadweight loss of Negative externalities are both on the right) side of the quantity (x-axis)
The deadweight loss of positive externalities are both on the sh left side of the quantity (x-axis)
Both production diagrams have a shift in supply
Both consumption diagrams have a shift in demand
The NEP and PEC diagrams both have an upward shift in supply and demand respectively
The NEC and PEP both have a downward shift in demand and supply respectively

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1. Externality of production→ supply curve

2. Externality of consumption → demand curve

3. Negative → Qm > Qopt

Positive → Qm < Qopt
4. Positive --> External benefits
5 . Negative --> External costs

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1. Externality of production: shift of supply curve

2. Externality of consumption: shift of demand curve

3. Positive externality: Either demand or supply curve shifts rightwards.

4. Negative externality: Either demand or supply curve shifts leftwards.

5. Positive externality: Triangle facing rightwards

6. Negative externality: Triangle facing leftwards

7. Positive externality: Optimum quantity of goods or services are produced.

8. Negative externality: Overproduction of goods or services

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1. In production externalities - 2 supply curves

2. In consumption externalities - 2 demand curves

3. In negative externalities - Qopt < Qm

4. In positive externalities - Qm < Qopt

5. In negative externalities, DWL is rightward facing

6. In positive externalities, DWL is leftward facing

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1. Production externalities are shifts along the supply curve (producers)

2. Consumption externalities are shifts along the demand curve (consumers)

3. Negative externalities are leftward shifts in supply/demand depending on the externality

4. Positive externalities are rightward shifts in supply/demand depending on the externality.

5. For positive externalities, the triangle's 'base line' is on the very left.

6. For negative externalities, the triangle's 'base line' is on the very right.

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1. DWL triangle in both positive externalities always pointing to the right. Negative pointing to the left.

2. Demand is affected in consumption (demand = consumption).

3. Supply is affected in production (supply = production).

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1.) The supply curve is only affected for production either positive or negative

2.) The DWL for either positive consumption and production is on the right and for negative it is the opposite.