MGEC11H3 Lecture 6: 2019-06-13 Lecture 6, C11
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Using the table below, answer the question.
Quantity | Marginal private cost ($) | Marginal private benefit ($) | Marginal social benefit ($) |
500 | 10 | 14 | 16 |
550 | 11 | 13 | 15 |
600 | 12 | 12 | 14 |
650 | 13 | 11 | 13 |
700 | 14 | 10 | 12 |
6. The efficient level of output is
a. 550.
b. 600.
c. 650.
d. 700.