4. Table 1 shows the MC (marginal cost) and MWTP (Marginal Willingness to Pay) curves for pork produced on a farm. The hog farm produces both pork and pollution in the form of effluents. Effluents from the hog operation pollutes a nearby watershed which causes damage to other users of the watershed. The marginal external cost (MEC) is a constant 4 for each unit of pork produced. Table 1 Q 1 2 3 5 6 7 MWTP 15 12 9 6 3 2 0 MC 1 3 5 6 9 11 13 At market equilibrium (private), what is the MWTP and quantity of pork? At the socially efficient outcome, what is the quantity of pork? E At the socially efficient level, what is the total external cost? Explain why the socially efficient level of pork production is less than quantity of pork determined at the market equilibrium