What is the socially efficient level of output

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You are an industry analyst that specializes in an industry where the market inverse demand is P = 100 - 5Q. The external marginal cost of producing the product is MCE = 10Q, and the private cost is MCP = 20Q. What is the socially efficient level of output? Given these costs and market demand, how much output would a competitive industry produce? Given these costs and market demand, how much output would a monopolist produce? Discuss actions the government could take to induce firms in this industry to produce the socially efficient level of output.

Reference no: EM132078736

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