For the next several questions, consider the market for a type of medical implant used to treat pain conditions. The implant is produced by a profit-maximizing, price taking firm for which the demand and marginal cost “curves” are straight lines. It charges $380 per unit and, considering only private costs, decides to produce 920 units.
Because production of the implant results in water pollution, a government agency intervenes. It determines that when 920 units are produced there are marginal social costs of $510. It therefore concludes that 740 units should instead be produced. At 740 units, marginal private cost is $305.
Enter only numbers and a decimal point where needed – nothing else. Round to the nearest penny.
Given this information and what we know about firms, at 920 units marginal private cost must be
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