PRICE (Dollars per unit) 36 30 24 18 6 A II, III I, III II, III, IV C B Social Cost Supply Demand 100 200 300 400 500 600 QUANTITY (Units of plastic) Considering the graph above, judge the following statements: I. The private solution for this market is given by point "B" II. The socially optimal quantity for this market is Q = 250 units III. To reach the social optimum, the government could tax plastic production in $9 per unit. IV. The external cost generated by any one unit of plastic produced equals $12. Which of the following includes only the true statements?

PRICE (Dollars per unit) 36 30 24 18 6 A II, III I, III II, III, IV C B Social Cost Supply Demand 100 200 300 400 500 600 QUANTITY (Units of plastic) Considering the graph above, judge the following statements: I. The private solution for this market is given by point "B" II. The socially optimal quantity for this market is Q = 250 units III. To reach the social optimum, the government could tax plastic production in $9 per unit. IV. The external cost generated by any one unit of plastic produced equals $12. Which of the following includes only the true statements?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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