Use the figure below to answer the following questions. 
Figure 16.3.1
-Figure 16.3.1 shows the marginal private cost cure,marginal social cost curve,and marginal social benefit curve for cod,a common resource.To achieve an efficient quantity,the price of an ITQ is set at
Definitions:
Net Present Value
A financial metric that calculates the present value of all future cash flows associated with a project, minus the initial investment cost.
Cost of Capital
The cost of funds used for financing a business, including the rate of return that investors demand for providing capital.
Cash Flows
The comprehensive total of financial resources entering and leaving a business, significantly affecting its ability to cover immediate and short-term obligations.
Marginal Costs
The monetary cost of generating one more unit of a product or service.
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