Say too many people were hunting deer in the Kawartha area and now the deer population is in peril (because of over hunting). You were hired to study the problem and came up with the following important relationships:

Demand: P = 10 - 0.008Q; MSC (marginal social cost) = 1.00 + 0.0067Q;

Marginal Private Cost (MPC) = 1.00 + 0.001Q

Where P stands for price and Q represents the number of deer killed

What will be the number of deer killed when there is no limit on hunting?

What is the socially efficient level of deer hunting? What is the per-deer fee that must be charged to reduce hunting to the socially efficient level

Show graphically, the social cost of unlimited hunting of deer