Suppose the marginal external damage due to pollution varies with output according to the function, MC = 0.5Q. If the competitive equilibrium output is 150 and price is $10; and the socially optimum output is 120 and price is $15 then what should be the size of the specific tax used to control pollution to the socially desirable level? $75 $5 $7.5 $60 000

Suppose the marginal external damage due to pollution varies with output according to the function, MC = 0.5Q. If the competitive equilibrium output is 150 and price is $10; and the socially optimum output is 120 and price is $15 then what should be the size of the specific tax used to control pollution to the socially desirable level? $75 $5 $7.5 $60 000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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