The following equations represent the mwtp function and the, Microeconomics

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The following equations represent the mwtp function and the

Question: 1. The following equations represent the MWTP function and the private MC function in the market for some good where a negative externality (i.e., pollution) results in damages of $12 per unit of the good produced:

MWTP = 400 - Q^D

MPC = 55 + 0.5Q^S

a) Solve for the competitive market equilibrium output and MWTP

b) Solve for the socially efficient level of output for this market.

c) What is the consumer surplus with the competitive market equilibrium output

d) What is the consumer surplus with the socially efficient level of output

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