Suppose that the demand for a chemical is given by Q = 60 - 3P

Suppose that the demand for a chemical is given by [1: 60 3P, where quantity is measured in pounds. The market supply curve is given by Marginal lCost (MC) = 514. Assume that the marginal external damage of this product is 53 per unit. a. What is the equilibrium price and quantity of this good in a competitive market without government intervention? Explain your answer and show your work. b. What level of taxation would generate the socially efficient level of the good