The demand for cigarettes is given by =400-0.2. Cigarettes are manufactured at a constant marginal cost of 100 and sold in a competitive market. What is the quantity of cigarettes sold in equilibrium? If cigarettes generate a marginal external cost of MEC=0.05, what is the socially optimal level of cigarettes? Sociallyoptimal= Using Figure 1 on the right that already shows the market demand curve to illustrate the private and social MC curves. Also, point out the private market quantity, the socially optimal quantity, and the social welfare cost. Using the line drawing tool, illustrate the private marginal cost curve. Label this curve as 'MC' Using the line drawing tool, illustrate the social marginal cost curve. Label this curve as 'MSC'.(Hint: to plot this correctly you may first want to plot the socially optimal point '' in step 4 below) Using the point drawing tool, illustrate the point that represents the profit-maximizing price and quantity. Label this point as ''. Using the point drawing tool, illustrate the point that represents the socially optimal price and quantity Label this point as '' Using the triangle drawing tool, illustrate the social welfare cost of the externality. Label this area as 'Welfare Cost'. Carefully follow the instructions above and only draw the required objects.