Please answer the following practice questions based on their graph (show work - if possible):

Negative Externalities Graph (1st) - answer questions 1 - 5

Positive Externalities Graph (2nd) - answer questions 6 - 9

Negative Externalities P $50 MPC $30 $25 $20 $15 $10 MSB 2 3 5 6 7 B 9 10 Q Use the graph above to answer the following questions:1. Identify the equilibrium price and quantity produced by the unregulated market. 2. Assume that each unit of the good generates $20 of external costs. Draw a marginal social cost (MSC) curve and identify the socially optimal price and quantity. IF YOU CAN'T PRINT THIS OUT AND DRAW AND SUBMIT, YOU CAN JUST ANSWER THE QUESTIONS BELOW BUT THEY ARE BASED ON THIS NEW CURVE TO BE DRAWN 3. At the quantity of 5, identify and calculate the area of deadweight loss. 4. Calculate the deadweight loss if the government places a $20 per unit tax on the good? 5. Assume instead that each unit of the good generates $30 of external costs. Calculate the deadweight loss if the government maintains the $20 per unit tax on the good?Positive Externalities P $50 MSC $45 $40 $35 $30 $25 $20 $15 $10 $5 MPB 1 2 3 5 6 7 8 9 10 Q Use the graph above to answer the following questions:Use the graph above to answer the following questions: 6. Assume that each unit of the good generates $20 of external benefits. Draw a marginal social benefit (MSB) curve and identify the socially optimal price and quantity. IF YOU CAN'T PRINT THIS OUT AND DRAW AND SUBMIT, YOU CAN JUST ANSWER THE QUESTIONS BELOW BUT THEY ARE BASED ON THIS NEW CURVE TO BE DRAWN 7. At the quantity of 6, identify and calculate the area of deadweight loss. 8. Calculate the deadweight loss if the government provides a $30 per unit subsidy to consumers? 9. Assume instead that the government provides a $20 per unit subsidy to consumers? Calculate the deadweight loss