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Suppose that a local airport is near a residential neighborhood. To land at this airport, an airliner must pay $121. To soundproof the local homes,
Suppose that a local airport is near a residential neighborhood. To land at this airport, an airliner must pay $121. To soundproof the local homes, so residents do not hear airplanes all hours of the day, residents must pay $21. What is the private cost for a plane to land at this airport? $ What is the external cost of a plane landing at the airport? What is the social cost of a plane landing at the airport
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