After some diligence, Warren’s council of economic advisors plots out the private supply and demand curves for burgers. They are:
Demand (private): Q=34-4P
Supply (private): Q=7+2P
Where "Q" is given in billions.
a. Find private equilibrium price and quantity.
b. Write equations for social demand and social supply. Only account for the two externalities you listed in question 1. (Carbon generation and Obesity)
c. Americans over/underconsume burgers by how much?
d. Find the indicated social loss from burger consumption.