If market demand and supply are given by QD 26 P and QS 2P 4, determine the following (a) Market equilibrium quantity (QM) (b) Market equilibrium price (PM) (c) Socially efficient quantity(Q ), assuming marginal external benefits (MEB) is 3 (Showenough workto justify your answer)

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If market demand and supply are given by QD=26-P and QS=2P-4, determine the following. (a) Market equilibrium quantity (QM) (b) Market equilibrium price (PM) (c)

If market demand and supply are given by QD=26-P and QS=2P-4, determine the following.

(a) Market equilibrium quantity (QM)

(b) Market equilibrium price (PM)

(Showenough workto justify your answer)

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