(Figure: Traffic Lights in Plymouth) Look at the figure Traffic Lights in Plymouth. Plymouth has 1,000 residents. Each of the residents has the same individual marginal benefit per traffle light. If the government provides traffic lights, the socially efficient quantity is: 12. 0. 4. 8. Marginalbenefit,marginalcost$12,00010,0008,0006,0004,0002,00002 4 6 810MCMSB12Number oftraffic lights (Figure: Traffic Lights in Plymouth) Look at the figure Traffic Lights in Plymouth. Plymouth has 1,000 residents. Each of the residents has the same individual marginal benefit per trafficlight. If the government provides traffic lights, the socially efficient quantity is:12.0.

The public good refers to good that satisfies two conditions: non-exclusion and non-rival.…

Answered: raffic Lights in Plymouth) Look at the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(Figure: Traffic Lights in Plymouth) Look at the figure Traffic Lights in Plymouth. Plymouth has 1,000 residents. Each of the residents has the same individual marginal benefit per traffle light. If the government provides traffic lights, the socially efficient quantity is: 12. 0. 4. 8.

Marginal
benefit,
marginal
cost
$12,000
10,000
8,000
6,000
4,000
2,000
0
2 4 6 8
10
MC
MSB
12
Number of
traffic lights

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