Use the table below to answer the questions: Quantity Supplied (Private Supplied (Social Cost only) 12,000 14,000 17,000 20,000 24,000 Quantity Quantity Demanded Price 19,000 14,000 9000 5000 1000 $50 $55 $60 $65 $70 Cost) 6000 7500 9000 11,000 14,000 (a) Find the equilibrium price, assuming sellers ignore negative externalities. (b) Find the equilibrium quantity, assuming sellers ignore negative externalities. (c) Find the optimal price, including external costs.

Use the table below to answer the questions: Quantity Supplied (Private Supplied (Social Cost only) 12,000 14,000 17,000 20,000 24,000 Quantity Quantity Demanded Price 19,000 14,000 9000 5000 1000 $50 $55 $60 $65 $70 Cost) 6000 7500 9000 11,000 14,000 (a) Find the equilibrium price, assuming sellers ignore negative externalities. (b) Find the equilibrium quantity, assuming sellers ignore negative externalities. (c) Find the optimal price, including external costs.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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