3 Consider the market for steel. Suppose that a steel manufacturing plant dumps toxic waste into a nearby river, creating a negative externality forthose living downstream from the plant. Producing an additional ton of steel imposes a constant external cost of $245 per ton. The following graphshows the demand (private value) curve and the supply (private cost) curve for steel.DUse the purple points (diamond symbol) to plot the social cost curve when the external cost is $245 per ton.(?)700OPRICE (Dollars per ton of steel)Esc6305604904203502802101407073°FMostly cloudyF1O070☐F2-o-@27O □O245QUANTITY (Tons of steel)F3W-Q+#3LiEF40 Supply(Private Cost)Demand(Private Value)A LA$4HOF5R✦Social Costdu%5F6TiI'F7A6YF8&7F9U*008F10O1(9F11za)F120PFnLock+{0X1:15 PM40 D6/12/2022Prt Sc=ABEA-ZtBackspace PRICE (Dollars per ton of stee700630560490420350280210O140700Supply(Private Cost)□Demand(Private Value)♫☐01234567QUANTITY (Tons of steel)▼ tons.The market equilibrium quantity is tons of steel, but the socially optimal quantity of steel production isTo create an incentive for the firm to produce the socially optimal quantity of steel, the government could impose aof steel.OLtly cloudyF8F9F6F3F4F20-@2O043O■C$4F5Social Cost%5F7A6&78of $F10per ton-O(9F11F1202-FnLock1:15 PM6/12/202InsertPrt Sc=

Social cost is a sum of private cost and external cost. External cost is the cost imposed on society…

Consider the market for steel. Suppose that a steel manufacturing plant dumps toxic waste into a nearby river, creating a negative externality for those living downstream from the plant. Producing an additional ton of steel imposes a constant external cost of $245 per ton. The following graph shows the demand (private value) curve and the supply (private cost) curve for steel. D Use the purple points (diamond symbol) to plot the social cost curve when the external cost is $245 per ton. (?) 700 O PRICE (Dollars per ton of steel) 630 560 490 420 350 280 210 140 70 73°F Mostly cloudy. □ C QUANTITY (Tons of steel) Supply (Private Cost) Demand (Private Value) Social Cost i I' C D O900 X 1:15 PM 6/12/2022 A-Z

Consider the market for steel. Suppose that a steel manufacturing plant dumps toxic waste into a nearby river, creating a negative externality for those living downstream from the plant. Producing an additional ton of steel imposes a constant external cost of $245 per ton. The following graph shows the demand (private value) curve and the supply (private cost) curve for steel. D Use the purple points (diamond symbol) to plot the social cost curve when the external cost is $245 per ton. (?) 700 O PRICE (Dollars per ton of steel) 630 560 490 420 350 280 210 140 70 73°F Mostly cloudy. □ C QUANTITY (Tons of steel) Supply (Private Cost) Demand (Private Value) Social Cost i I' C D O900 X 1:15 PM 6/12/2022 A-Z

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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