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You are an industry analyst that specializes in an industry where the market inverse demand is P = 200 - 4Q. The external marginal cost of producing the product is MCExternal = 6Q, and the internal cost is MCInternal = 12Q.

a) What is the socially efficient level of output?

b) Given these costs and market demand, how much output would a competitive industry produce?

c) Given these costs and market demand, how much output would a monopolist produce?

d) Discuss actions the government might take to induce firms in this industry to produce the socially efficient level of output.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91678306

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