1. Will (a.k.a. the “Fresh Prince”) likes to play music loudly in his room, but his cousin, Carlton, wants a quiet atmosphere to study. (He really wants to go to Princeton for college.) The loud music causes a negative externality. Will has a marginal private cost (MPC) of playing music (tapes aren’t free) and a marginal benefit (MB) for each song. Consider the quantity (Q) to be the number of songs. MPC = 10 + 3Q MB = 65 – 2Q a. Based on this information, how many songs will Will play? I.e. what is the “private solution.” b. The externality can be represented by the marginal damage (felt by Carlton) where