Buy custom ECON 101: Negative Externality
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Yet, these jobs represent an additional cost of production and the benefit-cost analysis conclusion is as before. Counting abatement costs c + f + h as beneficial jobs without recognizing the offsetting loss of producer surplus (i.e., profit) to the polluting firm is to confuse costs and benefits.
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Consumers and producers enjoy the gains from this equilibrium. The consumer surplus is the difference between willingness to pay (height of the demand curve) and price: area a + b + c + d. You enjoy consumer surplus every time you buy something and get a "good deal."
The producer surplus is the difference between the revenue earned on each unit (P1) and its marginal cost of production: area f + g + h (note that f includes the tiny triangle below P1 and above the MSC curve)...
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