# Table 10 1 the following table shows the private

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Chapter 2 / Exercise 31
Intermediate Algebra Within Reach
Larson
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Table 10-1The following table shows the private value, private cost, and external cost for various quantities of output in a market.
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Chapter 2 / Exercise 31
Intermediate Algebra Within Reach
Larson
Expert Verified
QuantityPrivate ValuePrivate CostExternal Cost1\$14\$10\$22131123121224111325101426915278162____23.Refer to Table 10-1. How large would a corrective tax need to be to move this market from the equilibrium outcome to the socially-optimal outcome?
Table 7-1BuyerWillingness To PayLori\$50.00Audrey\$30.00Zach\$20.00Calvin\$10.00____24.Refer to Table 7-1. If the price of the product is \$18, then the total consumer surplus is
____25.Government policy can potentially raise economic well-being
____26.Suppose that an MBA degree creates no externality because the benefits of an MBA are internalized by the student in the form of higher wages. If the government offers subsidies for MBAs, then which of the following statements is correct?a.The equilibrium quantity of MBAs will equal the socially optimal quantity of MBAs.b.The equilibrium quantity of MBAs will be greater than the socially optimal quantity of MBAs.c.The equilibrium quantity of MBAs will be less than the socially optimal quantity of MBAs.d.There is not enough information to answer the question.
____27.Price controls are usually enacted
Figure 7-7Supply1234Quantity123456789101112131415Price____28.Refer to Figure 7-7. If the price of the good is \$14, then producer surplus is
____29.Which of the following equations is notvalid?
____30.Because of the free-rider problem,a.private markets tend to undersupply public goods.b.the federal government spends too many resources on national defense and not enough resources on medical research.c.fireworks displays have become increasingly dangerous.d.poverty has increased.