Find tax that induces socially efficient level of backhoes, Microeconomics

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Find tax that induces socially efficient level of backhoes

Problem

The demand for air-polluting backhoes in Peoria is P^D = 48 - Q. The air pollution creates a marginal external cost according to MEC = 2 + Q. Supply of backhoes is given by P^S = 10 + cQ. If the socially efficient level of backhoes is Q* =12, find the tax that induces the socially efficient level of backhoes in equilibrium.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: Find tax that induces socially efficient level of backhoes

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Microeconomics: Find tax that induces socially efficient level of backhoes

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