Draw a graph to illustrate the market equilibrium

Reference no: EM131298203

A natural spring runs under land owned by ten people. Each person has the right to sink a well and can take water from the spring at a constant marginal cost of $5 a gallon. Table 2 sets out the marginal external cost and the marginal social benefit from the water.

Draw a graph to illustrate the market equilibrium. On your graph, show the efficient quantity of water taken.

Reference no: EM131298203

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Draw a graph to illustrate the market equilibrium : A natural spring runs under land owned by ten people. Each person has the right to sink a well and can take water from the spring at a constant marginal cost of $5 a gallon. Table 2 sets out the marginal external cost and the marginal social benef..

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