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Assume the marginal external cost ("MEC") of oil use is $23/bbl in 2013. Assume the MEC is linear and is equal to $0/bbl when there is no oil production. Finally assume the following regarding the oil industry in 2013. Assume the supply and demand curves are:
Qs = 79.2 + 0.0928*P
Qd=92.4-0.0464*P.
Answer the following (showing all work):
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