Question: Price (dollars per unit) MSC 350 300 -. ... 250 200 150 00 50 D ...... 8 10 12 14 Quantity (units per hour) The

Price (dollars per unit) MSC 350 300 -. ... 250 200 150 00 50 D ...... 8 10 12 14 Quantity (units per hour) The above figure illustrates the market of fertilizers. MSC stands for the social cost curve. MC stands for the private cost curve. D stands for the demand curve. 1. (2 points) Give examples of private costs and external costs in the fertilizer market. 2. (1 point) On the graph, what is the market equilibrium price and quantity before considering the pollution cost? 3. (1 point) What is the social optimal equilibrium price and quantity after considering the pollution cost

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