A market has the demand function Q-300-2P and the supply function Q-P-15. Production creates a positive externality of 12 per unit. (Round answers to 2 decimal places as necessary) What are the privately optimal equilibrium quantity and price? Q- P= What are the price elasticities of demand and supply at the privately optimal equilibrium? Price elasticity of demand (e) Price elasticity of supply (n)- Which side of the market is more elastic? What are the socially optimal quantity and price? Q-

A market has the demand function Q-300-2P and the supply function Q-P-15. Production creates a positive externality of 12 per unit. (Round answers to 2 decimal places as necessary) What are the privately optimal equilibrium quantity and price? Q- P= What are the price elasticities of demand and supply at the privately optimal equilibrium? Price elasticity of demand (e) Price elasticity of supply (n)- Which side of the market is more elastic? What are the socially optimal quantity and price? Q-

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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