Be sure to fully explain your answer. You may need to draw graphs and tables to answer and explain some of the questions/problems. When submitting your exam, you can either scan your exam or take pictures with your phone. If you utilize any sources be sure to cite them to avoid losing points. The following table summarizes price of the good, the quantity demanded of that good, the quantity supplied without externality, and the quantity supplied with the externality (social cost). Price Quantity Quantity Supplied without paying Quantity Supplied after paying Demanded the cost of the pollution the cost of the pollution $10 450 400 250 $15 440 440 290 $20 430 330 325 130 520 370 530 410 560 410 Price Quantity Quantity Supplied without paying Quantity Supplied after paying Demanded the cost of the pollution the cost of the pollution $10 450 400 250 $15 440 440 290 520 430 480 330 420 520 370 530 410 560 410 1. Based on the table above, explain why the quantities in column 4 are commonly smaller than the quantities in column 3. 2. Draw a graph of the price, quantity demanded, and quantity supplied without paying the cost of pollution, Identify the consumer, producer, and total surplus on the graph. 3. Draw a graph of the price, quantity demanded, and quantity supplied after paying the cost of pollution, Identify the consumer, producer, and total surplus on the graph. 4. Describe the main factors that separate the two graphs above. Which market outcome is more efficient? Why