Public Finance (with Economic Applications, InfoTrac 1-Semester Printed Access C

Question

Public Finance (with Economic Applications, InfoTrac 1-Semester Printed Access Card), Ch 3: Externalities and Government Policy, P.142 ???The following data show how the marginal external benefit and marginal private benefit associated with a soil treatment agent to control Japanese beetles vary GALLONS PER YEAR
From: The??following??data??show??how??the??marginal??external benefit??and??marginal??private??benefit??associated??with??a soil??treatment??agent??to??control??Japanese??beetles??vary GALLONS??PER??YEAR (IN??MI??LLIO??NS) MPB MEB 20 $30 $10 30 25 6 40 20 2 50 15 0 with??the??gallons??of??the??control??agent??sold??per??year: Draw??the??demand??curve??for??the??control??agent??and show??how??the??marginal??private??benefit??differs??from the??marginal??social??benefit.??Suppose??the??supply??of the??agent??is??infinitely??elastic??at??the??current??price??of $25??per??gallon.??Will??the??market??equilibrium??be??effi- cient???How??would??your??answer??differ??if??the??market supply??were??infinitely??elastic??at??aprice??of??$15??per??gal- lon???What??policies??could??you??suggest??to??achieve efficiency?
Source:ISBN: 053875446X | Title: Public Finance (with Economic Applications, InfoTrac 1-Semester Printed Access Card) | Publisher: South-Western College Pub

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