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Exxon Mobil Corp. is among the eight companies whose fuel was responsible for a third of emissions from oil and gas, according to non-profit environmental groups. Suppose its marginal private cost of fuel production is MC= 6Q+8, and the marginal external damage of emissions is MEC = 2Q+2.
Assume the market demand for Exxon Mobil Corp. is Q= 60 - 0.5P.
1. Calculate the private market equilibrium price and quantity
2. Calculatethe socially optimal equilibrium price and quantity.
3. Calculate the external damage of emissions at the private market equilibrium
4. Calculate the social net benefits for the socially optimal equilibrium
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