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Bakshi problem 4 . 5 ( modified ) : In a free market, the marginal cost ( M ) of a commodity in $ k

Bakshi problem 4.5(modified): In a free market, the marginal cost (M) of a commodity in $kg may be modeled as,M=3+Q22, where Q is the quantity produced in kilograms. The demand for this commodity is related to its price (P) as,P=120-2.5Q. Answer the following questions,
a. Determine the equilibrium point for this market.
b. If an environmental tax of $50kg is imposed on this system, what is the new equilibrium point?
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