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11 Dec 2019
The following table shows the private value, private cost, and external cost for various quantities of output in a market.
Table-10.1
Quantity
Private value
Private cost
External cost
1
$14
$10
$2
2
13
11
2
3
12
12
2
4
11
13
2
5
10
14
2
6
9
15
2
7
8
16
2
Refer to table 10-1. What is the socially-optimal quantity of output in this market?
1. 1 unit
2. 2 units
3. 3 units
4. 4 units
The following table shows the private value, private cost, and external cost for various quantities of output in a market.
Table-10.1
|
Quantity |
Private value |
Private cost |
External cost |
|
1 |
$14 |
$10 |
$2 |
|
2 |
13 |
11 |
2 |
|
3 |
12 |
12 |
2 |
|
4 |
11 |
13 |
2 |
|
5 |
10 |
14 |
2 |
|
6 |
9 |
15 |
2 |
|
7 |
8 |
16 |
2 |
Refer to table 10-1. What is the socially-optimal quantity of output in this market?
1. 1 unit
2. 2 units
3. 3 units
4. 4 units
Sonal BahlLv10
14 Dec 2020
