Suppose the equation for the demand curve in a market is P-100-1.5Qp, where Qn is the quantity demanded and P is the price. Also, suppose the equation for the supply curve in the same market is P=0.5Qs, where Q, is the quantity supplied. Suppose there is an external cost of $12 associated with the production of each unit of the good. What is the socially optimal quantity, and how much is the social cost at this quantity?

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