2. The market for the flu vaccine is competitive. A flu vaccination has private and external benefits. Weekly Market Demand (PMB): P=150-X Weekly Market Supply (PMC): PMC =60 (8) In the absence of any government intervention, what is the competitive market outcome (price and quantity)? (Use supply and demand to solve). Sketch a graph. (b) Suppose that the external marginal benefit schedule (EMB) is given as: EMB = 75-0.5X. What is the efficient outcome? What per unit subsidy is needed to achieve the efficient outcome? (c) Calculate the total external benefits to society at the efficient level of vaccinations. Hint: graph the EMB function