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Problems to be submitted: question 1 (a). 1. The market for paper in a particular region has the supply and demand curves Q9 = 160,000 2,000P and Q3 = 40, 000 + 2,000P} where Q is measured in hundred-pound lots} and P is price per hundred-pound lot. There is currently no attempt to regulate the dumping of efuent into streams and rivers by the paper mills. As a result} dumping is widespread. The marginal external cost associated with the paper production is given by the expression MEG = 0.000262. (a) Calculate the competitive price and output, assuming that no attempt is made to monitor or regulate the dumping of effluent