1)Given in the table below are the marginal private cost and the marginal social cost of the production of chemical fertilizer and the marginal social benefit from the consumption of fertilizer. (14 Marks)

Marginal SocialMarginal Private Marginal Social Output Benefit Cost Cost units dollars (dollars (dollars) 20 70 10 30 60 20 40 50 30 50 40 40 60 30 50 70 20