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Write the private MB of a flower purchaser as 20 - Q, where Q is the number of flowers purchased. Each flower generates 12 units

Write the private MB of a flower purchaser as 20 - Q, where Q is the number of flowers purchased. Each flower generates 12 units of (marginal) external benefit. The marginal cost of flower production is 2 + 2Q.

Rounding to the nearest whole number if necessary, answer the following questions:

What is the competitive equilibrium quantity?

What is the socially optimal quantity?

What is the DWL?

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Contemporary Mathematics

Authors: OpenStax

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