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3. Consider a competitive market where demand and supply are given by PD : 500 2qu : 3:] (a) Sketch this market and nd the

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3. Consider a competitive market where demand and supply are given by PD : 500 2qu : 3:] (a) Sketch this market and nd the competitive outcome. 5 points. 09) Indicate graphically and calculate producer and consumer sur- plus. 5 points. Suppose the production of this good does external harm to some- one according the following external damage function: ED(q) = 50q2

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