Could you assist with a step by step - to better understand the problems?

Market supply and demand for a certain commodity are given by the following equations: Supply: Q = 2P - 10 Demand: Q = 80 - P There is a negative externality associated with this market. Toxic wastes generated by the production process of this good pollute sources of water. This damage has been estimated at $30 per unit produced.

(a) How many units are produced and consumed when the government maximizes benefit to society?

(b) In order to eliminate the deadweight loss created by the negative externality, should the government intervene by implementing a tax or a subsidy? What should be the amount (per unit) of such tax or subsidy?

(c) If the government does not intervene, fill in the following table. Show your procedure.

Consumer surplus Producer surplus Government revenue Cost to third parties Total surplus (d) If the government intervention eliminates deadweight loss, fill in the following table. Show your procedure. Deadweight loss Consumer surplus Producer surplus Government revenue Cost to third parties Total surplus Deadweight loss