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Please help with this problem set: Long Answer 2 (Externalities). Enter all answers rounded to two decimal places but do not round intermediate values. A

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Long Answer 2 (Externalities). Enter all answers rounded to two decimal places but do not round intermediate values. A competitive firm faces an inverse demand curve given by: p(Q) = 1552 - Q and has private marginal costs that are given by: MC (Q) = 10 +Q. Since the firm's production process produces environmental toxins, there is an additional social cost in this market that is not fully accounted for by the firm. The social marginal cost is: MCs (Q) = 10+2Q. What are the unregulated competitive equilibrium price and quantity in this market? Quantity: Price: $. What are the socially optimal price and quantity in this market? Quantity: Price: $. Complete the following table by calculating the welfare measures in this market. Unregulated Competitive Equilibrium Social Optimum Consumer Surplus Private Producer Surplus Externality Cost 000OO 000OC Social Producer Surplus Welfare What is the deadweight loss in this market? What specific tax results in the social optimum? $ Enter your answer in each of the answer boxes. MacBook Air 4 5

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