The following table shows the private value, private cost, and external cost for various quantities of output in a market. Table 2 Quantity Private Value Private Cost External Cost 1 $14 $10 $2 2 13...

Refer to Table 2.What is the equilibrium quantity of output in the market? What is the socially-optimal quantity of output in this market?

Refer to Table 2.How large would a corrective tax need to be to move this market from the equilibrium outcome to the socially-optimal outcome?

Extracted text: The following table shows the private value, private cost, and external cost for various quantities of output in a market. Table 2 Quantity Private Value Private Cost External Cost 1 $14 $10 $2 2 13 11 2 12 12 11 13 10 14 2 6 9 15 2 8 16 2. 3. 4.