Scenario 10-4 the Demand Curve for Fire Extinguishers Slopes Downward and the and the Supply

question 94

Essay

Scenario 10-4
The demand curve for fire extinguishers slopes downward and the supply curve for fire extinguishers slopes upward. The production of the 500^th fire extinguisher entails the following:
-a private cost of $10;
-an external cost of $0;
-a private value of $9;
-an external benefit of $3.
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-Refer to Scenario 10-4. What is the social value of the 500th fire extinguisher?

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Definitions:

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