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Suppose the benefit to the confectioner of continuing to mak

Suppose the benefit to the confectioner of continuing to make the noise is 40, while the c… Show more Part 1 Suppose the benefit to the confectioner of continuing to make the noise is 40, while the cost of the noise to the doctor is 60. If the confectioner’s only alternative to making the noise is to shut down, and the doctor cannot relocate his business, what is the efficient solution to the problem? Part 2 If the confectioner is made liable for the damage, will he continue the production of candy? [To be liable for the damage means being required to compensate the doctor for any damage caused by the noise.] Part 3 Suppose the law changes and now the confectioner is not liable for the damage to the doctor. How will this affect the confectioner’s decision to shut down? Explain carefully. Part 4 Suppose the data are changed. Suppose now that the benefit to the confectioner of operating is 60, and the benefit to the doctor in a noise-free environment is only 40. What is the efficient outcome in this case? Explain how the efficient outcome is reached under the two alternative allocations of the liability for damage. Part 5 Revert to the cost and benefit assumptions of part 1. Except now the confectioner has the option of installing a soundproofing device that will completely eliminate the noise from his machines. The cost of this is 20, which means that if he installs it, his net gain from operating will fall from 40 to 20. As in part 1, the doctor will gain 60 if there is no noise (another way of saying that he will incur a cost of 60 if there is noise). What is the efficient outcome in this case? Again, explain the process by which the efficient outcome will be achieved if a) the confectioner is liable for damage; b) the confectioner is not liable for damage. • Show less

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