Texarkana Electric Company burns coal to heat the water that drives its electricity producing turbines. The table below shows the marginal benefit of annual electricity consumption and the private marginal cost of annual electricity production Marginal Cost and Marginal Benefit Quantity (willions of megawatts) private Mprivate MC external MC social 0.5 $120 360 $ $ 1.0 65 1.5 90 70 2.0 75 75 2.5 be Be 35 85 105 Instructions: In parts a and b. enter your answers as a whole number. In partc round your answer to one decimal place a. What is "private quantity of electricity Texarkana Electric Company will produce each year? million megawatts per year Now assume the production of electricity also produces sulfur dioxide (a precursor to acid rain). The external cost of the sulfur dioxide Increases by 560 for each 0.5 million megawatts produced, b. Fill in the external marginal cost (MCexternal and the social marginal cost (MCsocial columns in the table above c. What is the socially optimal amount of electricity for Texarkana to produce it all costs and benefits are considered? million megawatts per year