26 Jul CONSIDER THE ELASTICITY OF THE SUPPLY AND DEMAND CURVES.
The supply and demand conditions for a manufacturing firm are given in the table below. The third co Show more The supply and demand conditions for a manufacturing firm are given in the table below. The third column represents a supply curve without taking the social cost of pollution into account. The fourth column represents the supply curve when the firm is required to take the social cost of pollution into account. Identify the equilibrium before the social cost of production is included and after the social cost of production is included. Sketch a diagram to illustrate your answer. In this case does the ultimate cost of taking social costs into account fall on demanders or suppliers? (Hint: Consider the elasticity of the supply and demand curves.) Price Quantity Demanded Quantity Supplied without Paying Social Costs Quantity Supplied after Paying Social Costs 10 450 400 250 15 440 440 290 20 430 480 330 25 420 520 370 30 410 560 410 35 400 600 450 Show less
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