The figure shows the unregulated market for a pesticide, where S is the supply curve and D is the demand curve. The demand curve is the same as the MSB curve. When factories produce the pesticide, they also create waste, which they dump into a lake on the outskirts of the town. The marginal external cost of the dumped waste is equal to the marginal private cost of producing the pesticide.
-In the figure above, if the output is 180 tons per month, what is the marginal social cost of producing the pesticide?
Definitions:
Culture
The cumulative deposit of knowledge, experience, beliefs, values, attitudes, roles, hierarchies, religion, notions of time, spatial relations, and material objects and possessions acquired by a group of people in the course of generations through individual and group striving.
Work
A range of activities involving mental or physical effort done in order to achieve a purpose or result.
Harold Geneen
A prominent business executive known for his role in transforming ITT Corporation into a major conglomerate during the mid-20th century.
Job Enrichment
Designing or redesigning a job by incorporating motivational factors into it.
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