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Use the data in the table below to answer the following questions. a. What is the marginal external cost of production? b. What level is

Use the data in the table below to answer the following questions.

a. What is the marginal external cost of production?

b. What level is produced if there is no regulation of the externality?

c. What level should be produced to achieve economic efficiency?

d. Calculate the dollar value of the net gain to society from correcting the externality.

QuantityMarginal Marginal Marginal

Private BenefitPrivate CostSocial Cost

(demand)Supply

0-$0$0

1$1024

2935

3846

4757

566 8

657 9

748 10

83911

921012

1011113

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