Question: Please answer the following practice questions (9) based on the graph below (show if possible): Price MSC $11 $10 $9 $8 $7 $6 $5 $4

Please answer the following practice questions (9) based on the graph below (show if possible):

below (show if possible): Price MSC $11 $10 $9 $8 $7 $6

Price MSC $11 $10 $9 $8 $7 $6 $5 $4 $3 $2 MSB 10 20 30 40 50 60 70 80 90 Quantity Use the graph above to complete the following: 1. Identify the socially efficient price and quantity 2. Calculate the deadweight loss at output 70 3. Calculate the deadweight loss at output 504. Calculate the deadweight loss at output 20 5. Assume a market produced 60 units. Identify a government policy that could eliminate deadweight loss. 6. What is a negative externality? 7. Identify a policy that can mitigate the effects of a negative externality 8. What is a positive externality? 9. Identify a policy that can mitigate the effects of a positive externality

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