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An industrial chemical plant produces hazardous by-products. The own or private marginal cost function (supply function) of this chemical producer can be represented as PMC = 5,000 + 0.250. Given that the hazardous by-products costs imposed on other members of the same economy, the social marginal cost function is SMC = 10,000 + 0.250. The demand or marginal bene?t function from the industrial chemical can be represented as MB = 30,000 -o.250. Use both marginal costs and marginal benefit functions to answer the following questions.
ii.)What is the net market surplus under a pure market allocation?
iii.)What will be the equilibrium prices and quantities if the industrial chemical producer recognizes the costs imposed on other market agents?
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