2. This question is about congestion taxes Suppose the private cost of travel is given by, PTC(t) = 3 + 0.2t Where t is time spent on the route. Suppose, t is a function of the number of vehicles on the road t(v) =10, if v 300 Let the social trip cost be given by, STC = PTC, v 300 Finally, let the demand for trips be given by, D(v) = 10 - 0.01v a. [10 pts] Draw a diagram with the private trip cost, social trip cost, and demand curve on the same set of axis. Clearly label the market equilibrium and the efficient equilibrium. b. [6 pts] Determine the market equilibrium. How many vehicles are on the road, what is the private trip cost, and what is the social trip cost in the market equilibrium? c. [6 pts] Determine the efficient equilibrium. How many vehicles are on the road, what is the private trip cost, and what is the social trip cost in the efficient equilibrium? d. [6 pts] In your diagram from part a), show the dead weight loss and find the optimal congestion tax. Give a number for the optimal congestion tax