Quantity Demanded Price Quantity Supplied (Private Cost only) Quantity Supplied (Social Cost) 19,000 $50 12,000 6000 14,000 $55 14,000 7500 9000 $60 17,000 9000 5000 $65 20,000 11,000 1000 $70 24,000 14,000 (a) Find the equilibrium price, assuming sellers ignore negative externalities. (b) Find the equilibrium quantity, assuming sellers ignore negative externalities. (c) Find the optimal price, including external costs. (d) Find the optimal quantity, including external costs.
Quantity Demanded Price Quantity Supplied (Private Cost only) Quantity Supplied (Social Cost) 19,000 $50 12,000 6000 14,000 $55 14,000 7500 9000 $60 17,000 9000 5000 $65 20,000 11,000 1000 $70 24,000 14,000 (a) Find the equilibrium price, assuming sellers ignore negative externalities. (b) Find the equilibrium quantity, assuming sellers ignore negative externalities. (c) Find the optimal price, including external costs. (d) Find the optimal quantity, including external costs.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
| Quantity Demanded | Quantity Supplied (Private Cost only) | Quantity Supplied ( |
|
| 19,000 | $50 | 12,000 | 6000 |
| 14,000 | $55 | 14,000 | 7500 |
| 9000 | $60 | 17,000 | 9000 |
| 5000 | $65 | 20,000 | 11,000 |
| 1000 | $70 | 24,000 | 14,000 |
(a) Find the
(b) Find the
(c) Find the optimal price, including external costs.
(d) Find the optimal quantity, including external costs.
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