3 questions economics problem set. Please show your work. Thanks
a. Find the market equilibrium quantity of soda cans.
b. What is the socially optimal number of soda cans for the dorm?
c. Calculate deadweight loss at the market equilibrium.
d. What amount of tax on soda will ensure that the socially optimal number of cans is consumed?
2. Suppose supply and demand for flu vaccines is given by the following equations, and that since each vaccine also decreases the risk of an outbreak, there exists an external benefit to society of $50 per vaccine.
Demand: P = 800 – 3Q
Supply: P = 100 + 2Q
a. Find the market equilibrium price and quantity of vaccines.