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Dunder Mifflin paper company is located in Scranton, Pennsylvania. Dunder Mifflin paper company produces paper according to the following (inverse) supply: P = 10 + 1/2Q. (Note that this is the same equation as the Marginal Private Cost, so: MPC = 10 + 1/2Q.) Demand (inverse) can be expressed as: P = 60 - 1/3Q. (Assume that MPB = MSB, no externalities on the demand side, so MPB = MSB = 60-1/3Q.)
Graph it
1. What is the price associated with the resulting equilibrium?
2. What is the price associated with the social equilibrium?
3. What is the quantity associated with social equilibrium?
4. When the marginal external cost of the pollution is ignored, what is the DWL from this market failure?
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