Consider the below equations for the production of paper in a paper & pulp industry, where Q denotes output. Marginal Social Cost (MSC) = 5 + 0.5Q Marginal Social Benefit (MSB) = 40 - 0.2Q Marginal External Cost (MEC) = 0.35Q Marginal External Benefit (MEB) = 0 Part (A) How much output should be produced at the equilibrium that is optimal for the society? Part (B) How much output will be produced at the competitive (private) equilibrium? Explain why the competitive equilibrium output is different from the social equilibrium output