You are an industry analyst that specializes in an industry where the market inverse demand isP= 250 - 4Q.The external marginal cost of producing the product isMC_External= 7Q,and the internal cost isMC_Internal= 13Q.

Instructions: Enter your responses rounded to the nearest two decimal places.

a. What is the socially efficient level of output?

______ Units

b. Given these costs and market demand, how much output would a competitive industry produce?

_____ Units

c. Given these costs and market demand, how much output would a monopolist produce?

______ Units