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(External Costs) Use the data in the table below to answer the following questions

(External Costs) Use the data in the table below to answer the following questions
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ECONOMICS

MT445 / MT 445
Managerial Economics
Kaplan University (KU Campus)

William A. McEachern
Economics: A Contemporary Introduction, 8e
Hoboken, NJ: John Wiley & Sons.

Unit 7: Regulation, Antitrust, Public Goods, and Public Choice

Unit 7 Project

Chapter 17 – question 12, page 391
12. (External Costs) Use the data in the table below to answer the following questions:
a. What is the external cost per unit of production?
b. What level is produced if there is no regulation of the externality?
c. What level should be produced to achieve economic efficiency?
d. Calculate the dollar value of the net gain to society from correcting the externality.
Marginal Private Marginal Private Marginal
Quantity Benefit (Demand) Cost (Supply) 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

 

 

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