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Calculate the private equilibrium in market

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Gasoline is sold in a competitive market and contributes to air pollution, which affects the entire population. Gasoline costs $10 per gallon to produce. Each gallon of gasoline causes $10 of human health costs due to reduced air quality/increased air pollution. The demand for gasoline takes the form p= 100-q.

(a) Calculate the private equilibrium in this market.

(b) Calculate the social optimum in this market.

(c) Calculate the specific tax that would allow the government to achieve the social optimum.

Is Marginal externality=10? or is Externality=10? Because i know you have to derive the externality to get the Marginal externality(ME) , so is E=10q in this question and then you derive it to get ME=10?

Reference no: EM132414659

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