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Gasoline brings great benefit to those who use it, but burning it also creates external costs. Consider the gasoline market with the demand for gasoline

Gasoline brings great benefit to those who use it, but burning it also creates external costs. Consider the gasoline market with the demand for gasoline Qd = 400 P, the private marginal cost of producing gasoline MC = 2Q, and the external marginal cost of producing gasoline EMC =

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