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Homework answers / question archive / The following table shows the private value, private cost, and external cost for various quantities of output in a market

The following table shows the private value, private cost, and external cost for various quantities of output in a market

Marketing

The following table shows the private value, private cost, and external cost for various quantities of output in a market.

 

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

a) What is the competitive equilibrium (PP and QQ) in this market (i.e. the equilibrium) with no government intervention?

b) What is the socially optimal equilibrium (PP and QQ)?

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