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| Use what you learned from problem 2 to answer the following open-ended questions. The arrival of Covid-19 in the UK created sizable negative externalities for a number of social activities where risk of transmission of the virus was high. In response, policy-makers' implemented a lockdown, which is a strict quantity restriction. The stated goal of this policy was to reduce the R number to below 1, as levels even slightly above 1 could lead to a catastrophic spread of the disease. For reference, the "R number" quantifies the rate of exponential growth (R>1) or decay (R