2. Suppose that an industry produces wood products, including plywood, wood ooring, processed wood, wood trusses, and a variety of other products. The total benefit (TB), total cost(TC), marginal benefit (MB), marginal most (MC) for the industry are given below: TB = 314Q - 1.6Q2 MB = 314 - 3.2Q TC = 50Q + 1.7Q2 MC = 50 + 3.4Q where Q is the quantity of the wood products sold. a) Find the equilibrium price and quantity and illustrate graphically. b) Find the total benefits and total costs at the equilibrium quantity and price. c) Find the consumer surplus and producer surplus at the equilibrium quantity and price. d) The more trees we cut, the higher is the marginal increase in damages from pollution, which is measure by the marginal external cost (MCE). Suppose MCE = 51+ 0.5Q. Find the marginal social cost function. Illustrate this new cost curve on your graph. e) Find the socially optimal equilibrium price and quantity. f) Find the consumer surplus and producer surplus at the socially equilibrium quantity and price