Question 22 Not yet answered Marked out of 10.00 P Flag question The equations below describe a negative production externality (TO ANSWER THIS QUESTION YOU HAVE TO DRAW): Demand, MSB: P = 180 - 0.6Q Marginal private cost: MPC = 120 Marginal social cost: MSC = 120 + 0.2Q Calculate and interpret: 1. MEC (marginal external cost) function 2. Competitive output and Price 3. Socially optimal production and Price 4. The social cost of this externality. How to increase the efficiency