Answers
Market equilibrium : 325 units. (Private cost= demand).
Efficient equilibrium : 250 units. (Social cost = demand).
At efficient outcome,
Social cost= $20
Private cost= $12
If government taxes the good, private cost will rise and become equal to social cost.
Tax imposed should be 20-12= $8.
Answer: impose a tax of $8 on plastics.
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