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Demand for education is characterized by the following equation: P = 240 – 4Q. The marginal private cost of education is P = 40 + 6Q. Production of education also creates a per unit positive externality equal to 2Q. Suppose that the market is currently unregulated (i.e., the positive externality is not currently being corrected for in the market). What is output and price? The marginal social benefit (MSB) accounts for the marginal private benefit of production as well as for the additional benefits received by the society. What is the MSB equation for production of education? What is the socially optimal level of output and price?

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