Price of steel ($ per tonne) Figure 7.9 D Lost utility of displaced steel consumers (equal to WTP) (QqQoFE) D So Economic costs of E G P1=550 supplying new steel F Pa=Ps= output (QoQ,GF)) Po=500 H Do Do S Qd Qo Q1 Quantity of steel (tonnes) 17000 20000 22000