Mn5. QUESTION 12Figure 10-12PriceQUESTION 1316ExternalbenefitFigure 6-2424Refer to Figure 10-12. An alternative label for the quantity ₂ would beOa.EXTERNALO b. PRIVATEOC.MARKETO d. 2OPTIMUM-30+18-Price12+6+21 2280Supply160Line 1210 240Line 2QuantitySupply320QuantityRefer to Figure 6-24. The price paid by buyers after the tax is imposed isO a. $18.Ob. $21.O c. $16.O d. $24.

***Since the student has posted multiple questions so the expert is required to solve only the first…

Answered: Figure 10-12 Price External benefit 21…

Figure 10-12 Price External benefit 21 22 Supply Line 1 Line 2 Quantity Refer to Figure 10-12. An alternative label for the quantity ₂ would be Oa.EXTERNAL Ob. PRIVATE OC.MARKET Od. OPTIMUM

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Market Failure Analysis

To understand Market failure, we need to first understand welfare economics. An Italian economist, Vilfredo Pareto stated that allocation of resources in an efficient manner such that an economic change, which harms no one and makes someone better off, indicates an increase in social welfare. It is also called Pareto Optimality, where resources cannot further be reallocated without harming one. This does not apply to those economic changes, which harm some and benefit others. social welfare increases if the utility of any of its members' increases and none decrease in the economy.

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