Please give me correct answer with calculation and full explanation otherwise i give down voteNote:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate. The table below shows the marginal private benefits and the marginal private costs of steel production. The marginal private benefitsrepresent the market demand curve (Dint), and the marginal private costs represent the market supply curve (Sint).Quantity of steel(in tons)1,0002,0003,0004,0005,0006,0007,0008,000Marginal private benefitsDInternal$200$180$160$140$120$100$80$60Marginal private costsSInternal$50$60$70$80$90$100$110$210Suppose that the production of steel leads to a negative externality, and the external cost is $20 per thousand tons. Compared to thesocially optimal amount of steel, the amount of steel produced at the market equilibrium istons too

The quantity produced, marginal private benefit and marginal private costs are given below. Quantity…

Answered: The table below shows the marginal…

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please give me correct answer with calculation and full explanation otherwise i give down vote

Note:-

Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.

Answer completely and accurate answer.

Rest assured, you will receive an upvote if the answer is accurate.

The table below shows the marginal private benefits and the marginal private costs of steel production. The marginal private benefits
represent the market demand curve (Dint), and the marginal private costs represent the market supply curve (Sint).
Quantity of steel
(in tons)
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Marginal private benefits
DInternal
$200
$180
$160
$140
$120
$100
$80
$60
Marginal private costs
SInternal
$50
$60
$70
$80
$90
$100
$110
$210
Suppose that the production of steel leads to a negative externality, and the external cost is $20 per thousand tons. Compared to the
socially optimal amount of steel, the amount of steel produced at the market equilibrium is
tons too

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