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The marginal social benefit of timber is p = 70 - 1Q, where Q is measured in thousands of tonnes of timber per day, and price is measured in dollars per tonne per day. The marginal private cost of timber extraction is $12 per tonne per day. The marginal external cost of timber extraction (measured in dollars per tonne per day) is MEC = 1Q. The socially optimal price is __________ dollars per tonne per day
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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