N Course: EC 201 Microeconomic P XMindTap - Cengage Learning XMindTap - Cengage Learning X G consider the market for bolts. sup X+←C ✰ng.cengage.com/static/nb/ui/evo/index.html?deploymentId=56960519240215212983351261543&eISBN=9781305648173&id=1488825708&snapshotld=2941604& LKathryn ✓CENGAGE MINDTAPQ Search this courseXMy HomeCoursesCatalog and Study ToolsSocial CostRental OptionsCollege Success Tips☐Career Success TipsRECOMMENDED FOR YOU8(2Study ToolshindbreaStudy Tools for Principles ofEconomics? HelpGive FeedbackIType here to searchHomework (Ch 05)500450O400350300250200150100500PRICE (Dollars per ton of bolts)OSupply(Private Cost)O☐Demand(Private Value)▬01234567QUANTITY (Tons of bolts)The market equilibrium quantity is tons of bolts, but the socially optimal quantity of bolt production isGrade It NowCHR129O●☐OOD▼ tons.Save & ContinueContinue without saving60°F CloudyMicrosoft OneDrive(4)6:35 PM5/28/2022X:?A-Z(((bongo·A+ N Course: EC 201 Microeconomic P XMindTap - Cengage Learning XMindTap - Cengage Learningconsider the market for bolts. su X+←C ✰ng.cengage.com/static/nb/ui/evo/index.html?deploymentId=56960519240215212983351261543&eISBN=9781305648173&id=1488825708&snapshotld=2941604& LKathryn ✓CENGAGE MINDTAPQ Search this courseMy HomeHomework (Ch 05)XCoursesBack to AssignmentCatalog and Study ToolsAttemptsKeep the Highest / 2Rental Options5. The effect of negative externalities on the optimal quantityof consumptionCollege Success TipsCareer Success TipsConsider the market for bolts. Suppose that a hardware factory dumps toxic waste into a nearby river, creating a negative externality for those livingdownstream from the factory. Producing an additional ton of bolts imposes a constant external cost of $175 per ton. The following graph shows thedemand (private value) curve and the supply (private cost) curve for bolts.RECOMMENDED FOR YOUUse the purple points (diamond symbol) to plot the social cost curve when the external cost is $175 per ton.?500450OSocial Cost4003503002508(2Study ToolsabrindbreaStudy Tools for Principles ofEconomics? HelpGive FeedbackIType here to search's per ton of bolts)PEENOOOOi6:✡☐Supply(Private Cost)60°F Cloudy(4)6:35 PM5/28/2022x:?2A-Zbongo►

Answer: Let us first draw the social cost curve to find the socially optimal quantity. According to…

Answered: The market equilibrium quantity is tons…

The market equilibrium quantity is tons of bolts, but the socially optimal quantity of bolt production is tons. Grade It Now Save & Continue Continue without saving Micro

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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