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Economic efficiency also externality related problem 

(External Costs) Use the data in the table to the right to answer the following problems.

a. Illustrate what is the external cost per unit of production?

b. Illustrate what level is produced if there is no regulation of the externality?

c. Illustrate what level should be produced to achieve economic efficiency?

d. Compute the dollar value of the net gain to society from correcting the externality.

 

Quantity

Marginal     Private Benefit (demand)

Marginal  Private Cost(supply)

Marginal

Social

Cost

0

--

$0

$0

1

$10

2

4

2

9

3

5

3

8

4

6

4

7

5

7

5

6

6

8

6

5

7

9

7

4

8

10

8

3

9

11

9

2

10

12

10

1

11

13

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M916938

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