What level of output must be produced to get economic

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Reference no: EM13391148

Use the accompanying table to answer the following questions.

Quantity

Private Social

Cost Cost Benefit

1 $ 2 $ 4 $12

2 $ 6 $ 10 $22

3 $ 12 $ 18 $30

4 $ 20 $ 28 $36

5 $ 30 $ 40 $40

a. What is the external cost per unit of output?

b. What level of output will be produced?

c. What level of output should be produced to achieve economic efficiency?

d. What is the value to society of correcting the externality?

Reference no: EM13391148

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