Refer to Table 2. What is the equilibrium quantity of output in the market? What is the socially-optimal quantity of output in this market? Refer to Table 2. How large would a corrective tax need to be to move this market from the equilibrium outcome to the socially-optimal outcome?

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Refer to Table 2. What is the equilibrium quantity of output in the market? What is the socially-optimal quantity of output in this market?

Refer to Table 2. How large would a corrective tax need to be to move this market from the equilibrium outcome to the socially-optimal outcome?

The following table shows the private value, private cost, and external cost for various quantities of
output in a market.
Table 2
Quantity
Private Value
Private Cost
External Cost
1
$14
$10
$2
2
13
11
2
12
12
11
13
10
14
2
6
9
15
2
8
16
2.
3.
4.
Transcribed Image Text:The following table shows the private value, private cost, and external cost for various quantities of output in a market. Table 2 Quantity Private Value Private Cost External Cost 1 $14 $10 $2 2 13 11 2 12 12 11 13 10 14 2 6 9 15 2 8 16 2. 3. 4.
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