Use the graph below to answer four questions.

The horizontal axis is labeled quantity in units per time period. It ranges from 0 to 15 in increments of 1. The vertical axis is labeled price per unit. It ranges from 0 to 15 in increments of 1. A rising line labeled market supply begins at (0, 1), passes through (7, 8), and ends at the top right. A falling line labeled market demand begins at (0, 15), passes through (7, 8), and ends at (12, 3).

Instructions:In part a, enter your response as a whole number. In parts b, c, and d, round your responses to one decimal place.

What is the market price (market value) of the product?

$ per unit

What is the market output?

unit(s)

Assume that the product depicted above generates external costs in consumption of $2 per unit.

What is the socially optimal output?

unit(s)

By how much does the market overproduce this good?

unit(s)