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Mark the socially optimal number of meals

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Ernie loves to barbeque (BBQ). He can cook as much as he wants at a cost of $12 per meal. Draw Ernie's representative demand curve for BBQ and show how many meals he BBQ's. The smoke from his BBQ bothers his neighbor Bert; it costs Bert $3 in eye-drops for each meal that Ernie cooks. Use Ernie's demand curve to show the deadweight loss from Ernie's BBQs. Mark the socially optimal number of meals at M*.

Reference no: EM131665763

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