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Suppose the marignal benfitis and cost per gallon of gasoline in the united states are modeled as follows to illustrate the negative externaility of gasonline combustions: MSB=12.80 - .42Q MPB=12.80 - .4Q MSC=MPC=1.25 + .02Q Where Q is millions of gallons State the equation that represents the market exertanilty. Give the economic interperation of this equation, using its specific numerical values. Find the efficient equallibirum Pe and Oe for the market. Find the dollar value of a per unit gasonline tax that would achieve the efficient solution and calcualte the tax revenues generated to the government as a result
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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