Question: Please help with this practice question. This is the full question. Suppose additionally that each concert that Ernesto hosts at his venue imposes a negative

Please help with this practice question. This is the full question.


Suppose additionally that each concert that Ernesto hosts at his venue imposes a negative externality of $75 on the surrounding businesses due to the increased traffic and noise. Then the privately optimal number of concerts to hold is _ but the socially optimal number of concerts is O 7 concerts ; 4 concerts 4 concerts ; 2 concerts 1 concert ; 0 concerts 4 concerts ; 3 concerts 5 concerts ; 1 concertErnesto manages a small concert venue. The following table shows the private value and private costs of hosting concerts at his venue: Private Cost Suppose additionally that each concert that Ernesto hosts at his venue imposes a negative externality of $75 on the surrounding businesses clue to the increased traffic and noise. Then the privately optimal number of concerts to hold is but the socially optimal number of concerts is
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