Question: Please Explain: 1. Answer the following questions (40 points): a. Explain and show Pareto Efficiency graphically (10 points) b. Explain and show Pareto Improvement graphically

Please Explain: 1. Answer the following questions (40 points): a. Explain and show Pareto Efficiency graphically (10 points) b. Explain and show Pareto Improvement graphically (10 points) c. Explain and show Pareto Efficiency vs Equity graphically (10 points) d. Explain the First and Second Fundamental Theorem of Welfare (10 points) 2. Answer the following questions (60 points): a. Explain and show graphically the Externality theory (15 points) b. Explain and show graphically Private Sector Solutions to Negative Externalities (20 points). c. Explain public sector solutions to externalities and graphically show Pigouvian tax and subsidy for externalities (25 points)

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