Refer to Figure 10-11. Which of the following statements is correct? O a. The private value of the 420th unit of output is $15. O b. The social value of the 420th unit of output is $42. O c. The external benefit of the 420th unit of output is $27. O d. All of the above are correct.
Refer to Figure 10-11. Which of the following statements is correct? O a. The private value of the 420th unit of output is $15. O b. The social value of the 420th unit of output is $42. O c. The external benefit of the 420th unit of output is $27. O d. All of the above are correct.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
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![QUESTION 11
Figure 10-11
83
42
36
24
15
0
Price
240
420
Supply
(private cost)
Social value (private value
and external benefit)
Demand
(private value)
Quantity
Refer to Figure 10-11. Which of the following statements is correct?
O a. The private value of the 420th unit of output is $15.
O b. The social value of the 420th unit of output is $42.
O c. The external benefit of the 420th unit of output is $27.
O d. All of the above are correct.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F168c3168-ac5b-4dfe-9c84-c257d9caf0e3%2Fa96c448a-4ec9-4120-9440-bd252c771190%2F83eihz_processed.jpeg&w=3840&q=75)
Transcribed Image Text:QUESTION 11
Figure 10-11
83
42
36
24
15
0
Price
240
420
Supply
(private cost)
Social value (private value
and external benefit)
Demand
(private value)
Quantity
Refer to Figure 10-11. Which of the following statements is correct?
O a. The private value of the 420th unit of output is $15.
O b. The social value of the 420th unit of output is $42.
O c. The external benefit of the 420th unit of output is $27.
O d. All of the above are correct.
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