An industrial chemical plant produces hazardous by-products. The own or private marginal cost function (supply function)...

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An industrial chemical plant produces hazardous by-products. The own or private marginal cost function (supply function) of this chemical producer can be represented as PMC = 5,000 + 0.25Q. Given that the hazardous by-products costs imposed on other members of the same economy, the social marginal cost function is SMC = 10,000 + 0.25Q. The demand or marginal benefit function from the industrial chemical can be represented as MB = 30,000 -0.25Q. Use both marginal costs and marginal benefit functions to answer the following questions. iv.) What is the net market surplus if the industrial chemical producer recognizes the costs imposed on other market agents? An industrial chemical plant produces hazardous by-products. The own or private marginal cost function (supply function) of this chemical producer can be represented as PMC = 5,000 + 0.25Q. Given that the hazardous by-products costs imposed on other members of the same economy, the social marginal cost function is SMC = 10,000 + 0.25Q. The demand or marginal benefit function from the industrial chemical can be represented as MB = 30,000 -0.25Q. Use both marginal costs and marginal benefit functions to answer the following questions. iv.) What is the net market surplus if the industrial chemical producer recognizes the costs imposed on other market agents?