Using the information below answer the following questions. If demand is :Qd = 900 5 P and supplyr is: Us =125 +15 FI Where: Cid = quantity cfthe geod demanded. 05 = quantity of the good supplied. P : price cf the good. Part 1: The equilibrium price is I 38.?5 I Part2: The equilibrium quantity is I FUSES I Part3: An imposed price of $19.38 yields an excess (enter numeric answer: Demand = 1 or Supply = 2] 1 I of I 2 units. I - - Part 4: Is a ceiling price of $19.38 binding? I 1 I {enter number from list below}: 1. Yes 2. No 3. Uncertain Pat and Chris live in the same house. They love gardening and enjoy their nice front yard. So represents the society's cost of having a nicely decorated front yard in the neighbourhood. Do represents the private value of a nice front yard to Pat and Chris. $ a D1 DO Q1 Q2 03 Q4 Q 1. The market equilibrium quantity is Q2 The nice front yard of Pat and Chris can contribute to the viewing pleasure of quite a few other neighbours. 2. This is an example of what type of externality? Neutral 3. From the society's perspective the social optimum quantity is Q1 4. The deadweight loss created by the externality produced by Pat and Chris is|Click for List Suppose the following: Do is given as: QDo = 54 - 12(Po) D1 is given as: QD1 = 88 - 8(P1) So is given as: QSo = 18 + 18(P2) $1 is given as: QS1 = 12 + 10(P3) 5. In Pat's & Chris's example, the market equilibrium quantity is Number 6. In Pat's & Chris's example, the social optimum quantity is NumberIn the table below, fill in the numeric answers in the "Willingness to Pay" (WTP) blanks where indicated. WTPx, WTPy, WTPz represent three different individual's "willingness to pay". Q MC WTPx WTPy WTPz Collective WTP 1 14 25 12 15 52 2 19 19 8 7 34 22 15 5 4 24 4 27 13 3 2 18 5 35 12 2 15 What is the optimal quantity of the public good that should be provided? 1