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Externalities-analysis and policy design: Suppose that in a competitive market, demand is given by the equation P = 600 - Q, and supply is given by the equation P = 160 + Q, where P is price and Q is quantity of some good or service. Production of each unit of output Q leads to a marginal external cost of $50, caused by pollutants emitted by the production of Q. If we add this marginal external cost to the market information, the equation for the social-cost supply curve is given by P = 210 + Q. a. Compute the unregulated market level of output and price as well as the socially efficient level. By how much does the market output exceed the socially efficient output, and by how much is the market price below the socially efficient price? b. Compute the monetary value of the deadweight social loss from the market failure that occurs if society lets firms to continue to produce negative externalities without regulation c. Suppose a tax per unit output (per-unit tax) is imposed on the production of @ with the intent of making equal the market level of output and the socially efficient level. How high should that per-unit tax be? What is the gain in net social benefits (consumer plus producer surplus) that results from this per-unit tax?Suppose that the market for gasoline in Canada can be assumed to be perfectly competitive, and be represented by the following demand and supply functions: Demand for gasoline: G = 30,000 10,000P Supply of gasoline: Q = 10,000 + 10,000P Where G is in millions of litres per year and P is in dollars per l'rtre. a} What would be the equilibrium price and quantityr of gasoline in a free market? b} Suppose that the "social supply' of gasoline, which takes into account not only firm 5' costs of gasoline production but also the environmental cost of gasoline, can be expressed as: G 2 -10,0 00 + 10,000P. Based on this "social supply' of gasoline, what would be the socially optimal equilibrium price and quantity in this market? Please use a diagram to illustrate the socially optimal equilibrium, the equilibrium from part a], and the deadweight loss associated with the equilibrium from part a]. Use that to calculate {the value of] the deadweight loss associated with the equilibrium from part a]. c] Suppose that the government imposes a Pigouvian tax on gasoline [to be transferred by suppliers] of $1 per litre of gasoline. What would be the equilibrium quantity of gasoline sold, and the price paid by buyers, in this case? Illustrate this quantity and price on the diagram from part b}. Please calculate the deadweig ht loss [it any} associated with the 51 tax. Does the Pigouvian tax reduce the deadweight loss compared to the free market outcome, and if so by how much? 1. Suppose that the supply curve {private marginal cost} for a manufactured good is given by 05 2 EP 2 and that the demand for the product is given by DD 2 TI" - P. a. Find the price and quantity in market equilibrium. b. Suppose there is a negative er-lternalityr associated with production, with damages given by MD = OLE. What is the optimal quantityr of G for society to produce and consume? How much higher or lower is this than the market eduilibnum quantity? c. If society allows the market outcome [as opposed to requiring the optimal G] how much loss is there in total social welfare? d. Suppose we instead impose a policy that limits production of Gto a maximum of 1 unit. Assume as usual that price is given by the demand curve. What is the total social surplus? How does the distribution of this surplus differ when compared to the market outcome in part a {identityr winners an dr'or losers from this policy relative to the market outcome}? 6. Suppose a firm is the sole employer in town, facing a labor supply curve w(L) = 0.5L. This monopsony is a price taker in the output market and has demand for labor DL = 160-L (this is the marginal revenue product of labor). a) Calculate the total L demanded by the monopsony and compare it with perfect competition. b) Calculate producer surplus, compare it with perfect competition. c) Calculate consumer surplus and compare it with perfect competition. d) Calculate DWL for this monopsony, comparing it to perfect competition