Use the following information to answer the questions below.You are an advisor to a teaching hospital.The marginal private benefit to consumers of an inpatient day at this hospital is MPB = 1000 - 4Q and the marginal private cost is equal to $200.
-Each inpatient day at the teaching hospital helps train medical residents to become better physicians.This has a social external benefit MEB to society of $200 per inpatient day.Graph the MEB curve and find the socially optimal price and quantity.

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The Answer of Use the following information to answer the questions below.You are an advisor to a teaching hospital.The marginal private benefit to consumers of an inpatient day at this hospital is MPB = 1000 - 4Q and the marginal private cost is equal to $200.
-Each inpatient day at the teaching hospital helps train medical residents to become better physicians.This has a social external benefit MEB to society of $200 per inpatient day.Graph the MEB curve and find the socially optimal price and quantity.

Use the Following Information to Answer the Questions Below