Author Question: Refer to Scenario 16.2 below to answer the question(s) that follow.SCENARIO 16.2: The marginal ... (Read 38 times)

awywial · **on:** Apr 19, 2019

Refer to Scenario 16.2 below to answer the question(s) that follow.

SCENARIO 16.2: The marginal benefit for a particular food is described by
MB = 60 —
q, where q refers to the quantity of the food. The marginal cost of producing the food is described by
MC = 3
q. There is a negative externality associated with food production and the marginal social cost of food production is
MSC = 5
q.

Refer to Scenario 16.2. The competitive output level is ________ and the competitive price is ________.

◦ 20 units of food; $40
◦ 10 units of food; $50
◦ 0 units of food; $0
◦ 10 units of food; $20

memslove · **Reply #1 on:** Apr 19, 2019

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