Examlex
The inverse demand function for grapefruit is defined by the equation p = 145 - 6q, where q is the number of units sold.The inverse supply function is defined by p = 5 + 4q.A tax of $20 is imposed on suppliers for each unit of grapefruit that they sell.When the tax is imposed, the quantity of grapefruit sold falls to
Marginal Benefit
The enhanced pleasure or utility that comes from consuming an extra unit of a product or service.
Marginal Cost
The cost incurred by producing one additional unit of a product or service, crucial for decision-making in production levels.
Optimal Amount
The ideal quantity of a resource or good that achieves the best outcome or utility.
Positive Externalities
Benefits that result from a commercial activity or action but affect uninvolved third parties who did not choose to be involved in the transaction.
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