Problem 1 The following problems require the use of the blank graph below. Make sure that you are clear in doing any drawing, marking and labeling of the graph. 550 $ 500 450 400 350 300 250 200 150 100 50 25 75 100 125 150 Marijuana (lbs) 175 200 225 Part A Draw and label all the curves needed to show a negative externality. Please use a straight-edge. 250 275 Part B Indicate on the graph (by drawing lines) the price and output values that occur at the market equilibrium. Label the price value on the vertical axis with "PME" and label the quantity value on the horizontal axis with "QME". Part C Shade in and label the appropriate part of your graph that represents the total external costs that occurs at the social equilibrium. Use the label "TEC". To do this, you will also have to identify and label the social equilibrium quantity on the horizontal axis. Use the label "QSE".

Problem 1 The following problems require the use of the blank graph below. Make sure that you are clear in doing any drawing, marking and labeling of the graph. 550 $ 500 450 400 350 300 250 200 150 100 50 25 75 100 125 150 Marijuana (lbs) 175 200 225 Part A Draw and label all the curves needed to show a negative externality. Please use a straight-edge. 250 275 Part B Indicate on the graph (by drawing lines) the price and output values that occur at the market equilibrium. Label the price value on the vertical axis with "PME" and label the quantity value on the horizontal axis with "QME". Part C Shade in and label the appropriate part of your graph that represents the total external costs that occurs at the social equilibrium. Use the label "TEC". To do this, you will also have to identify and label the social equilibrium quantity on the horizontal axis. Use the label "QSE".

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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