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2) (4 points) Planting a tree improves the environment: trees transform greenhouse gases into oxygen, improve water retention in the soil, and improve soil quality. Assume that the value of this environmental improvement to society is $6 for the expected lifetime of the tree. The following table contains a hypothetical demand schedule for trees to be planted. Recall - From the standard microeconomic model, when markets are in equilibrium, producers are supplying Quantity at Marginal Revenue = Marginal Cost = Price, and buyers are purchasing Quantity at Marginal Benefit = Marginal Cost = Price 2a. Assume that the marginal cost of producing a tree for planting is constant at $10 Complete the table, based upon that assumption. 2b. Draw a diagram that shows the market equilibrium quantity and price for trees to be planted, assuming only personal costs and benefits are realized. 2c.What type of externality is generated by planting a tree? Draw a diagram that shows the optimal number of trees planted, if we included the externality in our estimation of costs and beneats. How does this differ from the market outcome? 2d. Explain how a Pigouvian tax or Pigouvian subsidy could alter the market outcome in a manner that would generate greater overall benefits (ref. pp. 213-215 in micro text). Marginal Cost of Price of a Tree, so Quantity of Trees Marginal Social producing a tree Marginal Demanded Benefit of having trees Personal Benefit planted $30 0 $25 8000 $20 14000 $15 20000 $10 26000 $5 32000 $0 38000