Question 3 2 pts In the market for super sparkly shirts, PMB = 56 - 4Q and PMC = 1s + 4Q, where private marginal benets {PMS} and private marginal costs [PMC} are measured in dollars and quantity {Q} is measured in thousands of shirts. Assuming the market is perfectly competitive, the private market equilibrium quantity is 5 thousand shirts {enter only a numberin the blank, and round to the nearest integer it necessary}. Question 4 3 pts Consider again the market for super sparkly shirts. Suppose that wearing a super sparkly shirt has a negative externality because the super sparkles can hurt bystanders' eyes. The damage caused to others amounts to $3 per shirt li.e., the marginal damage is $3}. Assuming for now that there are no other market failures in the super sparkly shirt market, then taking into account the negative consumption externality, the socially optimal quantity of super sparkly shirts is 4 thousand shirts {enter only a number in the blank, and round to the nearest integer it necessary}