The graph shows the unregulated market for electricity. Suppose that at every quantity produced, the marginal external cost of electricity equals the marginal private cost of production. To show the market outcome, draw the following four items on the graph: 1. Draw a point to show the marginal social cost when the utility produces 500 kilowatts per day. Label it 1. 2. Draw the marginal social cost curve. Label it MSC. 3. Draw a point to show the electricity produced and its marginal social cost. Label it 2. 4. Draw a shape to show the deadweight loss created. Label it DWL. >>> Draw only the objects specified in the question. 24- 20 16 12 B- Price and cost (cents per kilowatt) 10 100 200 300 S=MC 400 500 600 Quantay (kikowatts per day)

The graph shows the unregulated market for electricity. Suppose that at every quantity produced, the marginal external cost of electricity equals the marginal private cost of production. To show the market outcome, draw the following four items on the graph: 1. Draw a point to show the marginal social cost when the utility produces 500 kilowatts per day. Label it 1. 2. Draw the marginal social cost curve. Label it MSC. 3. Draw a point to show the electricity produced and its marginal social cost. Label it 2. 4. Draw a shape to show the deadweight loss created. Label it DWL. >>> Draw only the objects specified in the question. 24- 20 16 12 B- Price and cost (cents per kilowatt) 10 100 200 300 S=MC 400 500 600 Quantay (kikowatts per day)

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

I would like help with this question. The graph should be the one answered.

on 4-Diet An...
The graph shows the unregulated market for electricity.
Suppose that at every quantity produced, the marginal external cost of
electricity equals the marginal private cost of production.
To show the market outcome, draw the following four items on the graph:
1. Draw a point to show the marginal social cost when the utility produces 500
kilowatts per day. Label it 1.
2. Draw the marginal social cost curve. Label it MSC.
3. Draw a point to show the electricity produced and its marginal social cost.
Label it 2.
4. Draw a shape to show the deadweight loss created. Label it DWL.
>>> Draw only the objects specified in the question.
02
Price and cost (cents per kilowatt)
400
500
300
CLARITY Akilanwalts per day)
S=MC
O

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