6. Complete the following table and answer the accompanying questions. a. At what level of the control variable are net benefits maximized? b. What is the relation between marginal benefit and marginal cost at this level of the variable? Margina Control Total Total Net Marginal Marginal Net Variable Benefits Cost Benefits Benefit Cost Benefit Q B(Q) C(Q) N(Q) MB(Q) MC(Q) MNB(Q 100 1200 950 210 60 101 1400 70 102 1590 80 103 1770 90 104 1940 100 105 2100 110 106 2250 120 107 2390 130 108 2520 140 109 2640 150 110 2750 160

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Market Failure Analysis

To understand Market failure, we need to first understand welfare economics. An Italian economist, Vilfredo Pareto stated that allocation of resources in an efficient manner such that an economic change, which harms no one and makes someone better off, indicates an increase in social welfare. It is also called Pareto Optimality, where resources cannot further be reallocated without harming one. This does not apply to those economic changes, which harm some and benefit others. social welfare increases if the utility of any of its members' increases and none decrease in the economy.