What is the marginal private cost

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Reference no: EM131184869

Suppose that a firm's marginal production costs are given by MC = 10 + 3Q.

The firm's production process generates a toxic waste, which imposes an increasingly large cost on the residents of the town where it operates:

the marginal external cost associated with the Qth unit of production is given by 6Q.

•What is the marginal private cost associated with the 10th unit produced?

•What is the total marginal cost to society associated with producing the 10th unit (the marginal social cost of the 10th unit)?

Reference no: EM131184869

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