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Is this correct? Consumers Producers Maximum Actual Price Minimum Actual Price Person Price Willing (Equilibrium Person Acceptable (Equilibrium To Pay Price) Price Price) Bob $21
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Consumers Producers Maximum Actual Price Minimum Actual Price Person Price Willing (Equilibrium Person Acceptable (Equilibrium To Pay Price) Price Price) Bob $21 $10 Carlos $2 Barb 16 10 Courtney 4 Bill 14 10 Chuck 6 Bart 12 10 Cindy 8 Brent 1D 10 Craig 10 Betty 8 10 Chad 12 Instructions: Enter your answers as a whole number. a. What is the equilibrium quantity for the data displayed in the two tables? l339(3) b. Assume that we are back to talking about bags of oranges (a private good), but the government has decided that tossed orange peels impose a negative externality on the public that must be rectified by imposing a tax of $8 per bag on sellers. What is the new equilibrium price? $- What is the new equilibrium quantity? :I bagisi If the new equilibrium quantity is the optimal quantity, by how many bags were oranges being overproduced before? El l339(3)Step by Step Solution
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