b) What is the social optimum equilibrium quantity of output? c) How large would a corrective tax need to be to move this market from the equilibrium outcome to the socially optimal outcome? d) (True/False) A tax of $8 per unit would enable this market to move from the equilibrium quantity of output to the socially optimal level of output. e) (True/False) Taking the external cost into account, total surplus declines when the 5th unit of output is produced and consumed. f) (True/False) If the external cost per unit of output were $0 instead of $4, then the socially efficient quantity of output would be 6 units.

b) What is the social optimum equilibrium quantity of output? c) How large would a corrective tax need to be to move this market from the equilibrium outcome to the socially optimal outcome? d) (True/False) A tax of $8 per unit would enable this market to move from the equilibrium quantity of output to the socially optimal level of output. e) (True/False) Taking the external cost into account, total surplus declines when the 5th unit of output is produced and consumed. f) (True/False) If the external cost per unit of output were $0 instead of $4, then the socially efficient quantity of output would be 6 units.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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