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Please provide the calculations/justifications for all questions 8. Refer to table below: Quantity Private Value Private Cost External Cost (Units) (Dollars) (Dollars) (Dollars) 28 12

Please provide the calculations/justifications for all questions

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8. Refer to table below: Quantity Private Value Private Cost External Cost (Units) (Dollars) (Dollars) (Dollars) 28 12 4 2 26 14 4 W 24 16 4 4 22 18 4 5 20 20 4 6 18 22 4 7 16 24 4 a) What is the equilibrium quantity of output in the market? b) What is the social optimum equilibrium quantity of output? c) How large would a corrective tax need to be to move this market from the equilibrium outcome to the socially optimal outcome? d) (True/False) A tax of $8 per unit would enable this market to move from the equilibrium quantity of output to the socially optimal level of output. e) (True/False) Taking the external cost into account, total surplus declines when the 5th unit of output is produced and consumed. f) (True/False) If the external cost per unit of output were $0 instead of $4, then the socially efficient quantity of output would be 6 units

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