Apply what you've learned The table below shows the quantities of gas demanded and supplied at different prices in a city where a tax of $0.50 per gallon is collected from sellers of gas. The marginal external cost of gas is constant at $1 per gallon. 8 Question 10 Homework Answered Due Jul 7th, 11:59 PM You are incorrect Fill in the Blanks Type your answers in all of the blanks and submit X₁ X' Ω· 10.25 Price ($/gallon) In the scenario above, the marginal benefit received by gas consumers is $ You are incorrect 2.00 2.50 3.00 3.50 deadweight loss is $0 Quantity (million gallons) Demanded Supplied 24 16 20 24 28 X 20 16 12 X , the gas producers' marginal private cost (including the tax) is $ You are incorrect , the marginal social cost is $ X million. 0 You are incorrect X, and the
Apply what you've learned The table below shows the quantities of gas demanded and supplied at different prices in a city where a tax of $0.50 per gallon is collected from sellers of gas. The marginal external cost of gas is constant at $1 per gallon. 8 Question 10 Homework Answered Due Jul 7th, 11:59 PM You are incorrect Fill in the Blanks Type your answers in all of the blanks and submit X₁ X' Ω· 10.25 Price ($/gallon) In the scenario above, the marginal benefit received by gas consumers is $ You are incorrect 2.00 2.50 3.00 3.50 deadweight loss is $0 Quantity (million gallons) Demanded Supplied 24 16 20 24 28 X 20 16 12 X , the gas producers' marginal private cost (including the tax) is $ You are incorrect , the marginal social cost is $ X million. 0 You are incorrect X, and the
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Apply what you've learned
The table below shows the quantities of gas demanded and supplied at different prices in a city
where a tax of $0.50 per gallon is collected from sellers of gas. The marginal external cost of gas is
constant at $1 per gallon.
Question 10
Homework Answered Due Jul 7th, 11:59 PM
8
Fill in the Blanks
Type your answers in all of the blanks and submit
X₁ X' 52-
You are incorrect
In the scenario above, the marginal benefit received by gas consumers is $
10.25
You are incorrect
Price
($/gallon)
deadweight loss is $0
2.00
2.50
3.00
3.50
Hint
Quantity
(million gallons)
Demanded Supplied
24
16
20
20
16
24
12
28
X
X the gas producers' marginal private cost (including the tax) is $
, the marginal social cost is $
You are incorrect
X
million.
0
You are incorrect
X
and the
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