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Solve for the market equilibrium price and quantity

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Reference no: EM132265800

The production of toilet paper in a perfectly competitive market is characterized by the inverse supply curve (marginal cost curve) P = 4Q, where Q is measured in millions of 4-roll packs per month. The inverse demand for toilet paper is P = 10 - 6Q.

  • Solve for the market equilibrium price and quantity.
  • If the production of toilet paper causes an external marginal cost of 50 cents per 4-pack, what are the socially optimal price and quantity of toilet paper?

Please provide step by step calculations.

Reference no: EM132265800

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