1) Consider the market for electricity given by: c. L =202P Qs = 12P What iz the equilibrium quantity and price of electricity? Electricity generation generates a negative production externality with a total cost of Q. What is the socially efficient quantity of electricity? What 1z the DWL resulting from the \"no-intervention equilibrium (part a)? Now suppose electricity generation generates a negative production externality with a total cost of Q. What is the socially efficient quantity of electricity? What specific tax results in the socially optimal level of electricity generation? 2) Suppose 100 citizens each derive marginal benefit from patrol officers watching over the neighborhood at night. Their private marginal benefit functions are given as: MB=10-Q where Q is the number of nights the patrol officer works per month. A patrol officer costs $100 per night to hire. a. b. what 1s the efficient number of nights the security guard will work? If individuals did not cooperate, how many nights would you expect a security guard to patrol per month