3. Consider the inverse market demand for paper be P=120-Q, where P is the price of paper and Q is the market output of paper. The industry inverse demand supply curve of paper is P=2C1. The industry emits one unit of pollution for each unit of paper produced, with a marginal external cost of pollution equal to MEC = Q a. What is the market equilibrium price and output of paper? b. What is socially optimal price and output of paper for this industry? And what is deadweight loss at the market equilibrium? c. What is the level of specific tax, $T, imposed on producers, that would make this market attain the social optimum? d. What is quantity tax, t(Q), imposed for producers, that would make this market attain the social optimum