(Answered) Question a spring runs under a village everyone can sink a

Economics

Question: A spring runs under a village. Everyone can sink a well on her or his land and take water from the spring. The following figure shows the marginal social benefit from water and the marginal cost of taking it.

If the village council sets a quota on the total amount of water such that the spring is used efficiently, what would be the quota and the market value of the water taken per day?

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Microeconomics, Economics

Category:- Microeconomics
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