Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. The graph illustrates the unregulated market for pesticide.When the factories produce pesticide, they also create waste which they dump intoa lake on the outskirts of a small town.The marginal external cost of the dumped waste is equal to the marginal private cost ofproducing pesticide (that is, the marginal social cost of producing the pesticide is double themarginal private cost).If the pesticide factories own the lake, how much pesticide is produced?If the pesticide factories own the lake, the quantity of pesticide produced istons a week. 360-320280Price and cost (dollars per ton)240200-S160-120-80-401020304050งBQuantity (tons per week)>>> Draw only the objects specified in the question.

Externalities: When a firm produces a good sometimes it creates cost or benefits for other firms. If…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Answer completely.
You will get up vote for sure.

The graph illustrates the unregulated market for pesticide.
When the factories produce pesticide, they also create waste which they dump into
a lake on the outskirts of a small town.
The marginal external cost of the dumped waste is equal to the marginal private cost of
producing pesticide (that is, the marginal social cost of producing the pesticide is double the
marginal private cost).
If the pesticide factories own the lake, how much pesticide is produced?
If the pesticide factories own the lake, the quantity of pesticide produced is
tons a week.

360-
320
280
Price and cost (dollars per ton)
240
200-
S
160-
120-
80-
40
10
20
30
40
50
ง
B
Quantity (tons per week)
>>> Draw only the objects specified in the question.

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Step 1: Introduce externalities

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Step 2: Calculate equilibrium quantity

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Step 3: Calculate efficient quantity

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Step 4: Determine DWL

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