Question 22 (4 points) The figure below shows the market for cotton. Suppose that the cotton growers use a chemical to control insects and waste flows into the town's river. The marginal social cost of producing the cotton is double the marginal private cost. 150 125 Price (dollars per ton) 75 50 25 O 100 200 300 400 500 Quantity (tons per month) If no one owns the river and the town takes no action to control the waste, what is the quantity of cotton produced and the deadweight loss created? 400 tons of cotton is produced, and the deadweight loss is $1,500. 300 tons of cotton is produced, and the deadweight loss is $2,000. O 400 tons of cotton is produced, and the deadweight loss is $1,250. O 400 tons of cotton is produced, and the deadweight loss is $2,500. CoQuestion 23 (4 points) Price of Wagons $18.5 Domestic Supply 8 - World 5 Price Domestic Demand 70 90 Quantity of Wagons Refer to the figure above. If this country allows free trade in wagons, how much will consumers gain or lose? gain by $120 gain by $240 lose by $240 lose by $75Question 24 (4 points) Saved Suppose that the equilibrium quantity in the market for widgets has been 300 per month. Then a tax of $5 per widget is imposed. The price paid by buyers increases by $2 and the after-tax price received by sellers falls by $3. The government is able to raise 1000 per month in revenue from the tax. What is the deadweight loss from the tax? $250 $500 O $50 $100Question 25 (4 points) ~ Saved Price of Carnations $14 . Domestic Supply 12 10 8 6 2 World Price Domestic Demand 15 Camations (In dozens) Refer to the figure above. What is the amount of deadweight loss caused by the tariff? 18 $400 $200 21 $100 24 $500