This graph represents the tobacco industry. ↑Price 16- 14 - Social Cost 12- 10- Private Cost 8- 6 4 Demand 200 500 650 Оuantily What is the socially optimal price and quantity? What should the government do (impose a tax or provide a subsidy) to internalize this externality? What is the amount of the the corrective tax/subsidy needed to be to move the outcome from the market equilibrium to the socially-optimal outcome?

This graph represents the tobacco industry. ↑Price 16- 14 - Social Cost 12- 10- Private Cost 8- 6 4 Demand 200 500 650 Оuantily What is the socially optimal price and quantity? What should the government do (impose a tax or provide a subsidy) to internalize this externality? What is the amount of the the corrective tax/subsidy needed to be to move the outcome from the market equilibrium to the socially-optimal outcome?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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