3 Texarkana Electric Company burns coal to heat the water that drives its electricity-producing turbines. The table below showsthe marginal benefit of annual electricity consumption and the private marginal cost of annual electricity production.Marginal Cost and Marginal BenefitQuantity (millions of megawatts)1.02.03.04.05.0Mprivate MCprivate Cexternal MC social$145$8513090115951001008510560110$Instructions: Enter your answers as a whole number,a. What is "private quantity of electricity Texarkana Electric Company will produce each year?million megawatts per yearNow assume the production of each million megawatts of electricity also produces sulfur dioxide (a precursor to acidrain). The external cost of the sulfur dioxide is $20 per million megawatts of electricity production.b. Fill in the external marginal cost (MCexternal and the social marginal cost (MCsocial columns in the table above.c. What is the socially optimal amount of electricity for Texarkana to produce if all costs and benefits are considered?million megawatts per year"

Externality is the cost or benefit that the market transaction brings to the third party. It can be…

Answered: Texarkana Electric Company buks The…

Texarkana Electric Company buks The marginal benefit of annual electricity consumption and the private marginal cost of annual electricity production.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Texarkana Electric Company burns coal to heat the water that drives its electricity-producing turbines. The table below shows
the marginal benefit of annual electricity consumption and the private marginal cost of annual electricity production.
Marginal Cost and Marginal Benefit
Quantity (millions of megawatts)
1.0
2.0
3.0
4.0
5.0
Mprivate MCprivate Cexternal MC social
$145
$85
130
90
115
95
100
100
85
105
60
110
$
Instructions: Enter your answers as a whole number,
a. What is "private quantity of electricity Texarkana Electric Company will produce each year?
million megawatts per year
Now assume the production of each million megawatts of electricity also produces sulfur dioxide (a precursor to acid
rain). The external cost of the sulfur dioxide is $20 per million megawatts of electricity production.
b. Fill in the external marginal cost (MCexternal and the social marginal cost (MCsocial columns in the table above.
c. What is the socially optimal amount of electricity for Texarkana to produce if all costs and benefits are considered?
million megawatts per year"

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