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Use inverse market demand functionP=36-2QDand inverse supply fucntionP=4+2QSto answer the following questions. (i) What is the market equilibrium equantity? (ii) What is the consumer surplus

Use inverse market demand functionP=36-2QDand inverse supply fucntionP=4+2QSto answer the following questions.

(i) What is the market equilibrium equantity?

(ii) What is the consumer surplus in the market equilibrium?

(iii) If MEC= 2 (i.e. each unit produced involves an external cost of 2), what is the socially efficient level of production?

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