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Consider the following supply and demand schedule for steel. Pd = 100 − 4Qd Ps = 9 + 3Qs a. Calculate the market equilibrium price and quantity for steel. (4pts) b. Pollution from steel production is estimated to create a external cost of $14 per ton. Show the demand and supply schedule graphically and identify the external cost curve, market equilibrium, deadweight loss, and social optimum quantity. (4pts) c. Assume there is no intervention in this market. Calculate consumer surplus and producer surplus. (4pts) d. Suppose the government is considering implementing a tax on steel production. If the government decides to implement a per-unit tax, what should it be? Why? (2pts) e. Assume the tax is put in place. Calculate the consumer surplu
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