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11A small Village consists ofye households. The houses are built around a lacre patch of arable land, the only arable land in the area. Each household raises sheep on the land, whose fur is used for clothing and whose meat is used for food. Each household has the following demand cu rye for sheep: Quantity Second Sheep Fifth Sheep 51 Third Sheep $3 Sixth Sheep Assume it takes 1acre of arable land to produce enough grass to feed one sheep. a) Suppose the land is treated as a common resource. Explain what will happen. b) Suppose the people in the village elect you as mayor to help resolve the problem described in part a). Use the demand curve above to develop two solutions for debate: a Pigoyian tax and a permit trading scheme. Explain the details of your proposals below. Be sure to address issues related to price, quantity, and pros and cons of each option. Pigoyian Tax: Trading Scheme: c] Suppose one ofthe households has a baby, and as a result they require more food and clothing. Their demand for sheep becomes: First Sheep Fourth Sheep Second Sheep 36 Fifth Sheep 53 Third Sheep $5 Sixth Sheep $2 What are the consequences of this family's increase in demand in the context of your two proposals? Under the tax: Under the trading scheme