Graph the following data on market and social demand and then answer two questions abPriceMarket Quantity DemandedSocial Quantity Demanded($)(units per month)(units per month)201020182030163040144050125060106070a. Graph social and market demand.Instructions: Use the tools provided 'DM and 'Ds' to plot market demand (DM) and socialDM22Ds2018161412101020304050607080Quantity Demanded(units per month)resetb. Does this product have external benefits orexternal costs?c. How large (S) is that externality?per unitPrice($)

In a private market, the major economic actors are consumer,producers and government. Any effect…

Answered: Graph the following data on market and…

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter6: Elasticity

Section: Chapter Questions

Problem 12QP

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Graph the following data on market and social demand and then answer two question Price Market Quantity Demanded Social Quantity Demanded (S) (units per month) (units per month) 20 10 20 18 20 30 16 30 40 14 40 50 12 50 60 10 60 70