Question 3 (25%): Economics of Health Externalities. Scientists have discovered new vac cines for diseases A and B. The private and social demand curves for each vaccine are: 3mg = 50 P (1;. glacial = l P (2} B 5s 2P (3} private _ Qfmm - 12am 2P (4} Both vaccines have a marginal cost of $10 and the market is perfectly competitive. L (5%] Which vaccine faces a more elastic demand? 2. (5%] Is there an externality for vaccines A and B? 3. (15%] Calculate the social loss for both vaccines [round to integer}. Interpret the result. [Hint: Draw the graphs and calculate the triangle area.]