This question is about externalities and government policy in intermediate Microeconomics. Please do the table and show your workings and answers.

Externalities & Government Policy (15 marks) Negative Externalities of Production Pollution produced by a lemon; produung', steel. Market for Steel an o? In. r__r.-""'3C __..- #36: \"who? E'Jpp'y :-=F"\\.iB DEBIT]?! Lt claps a. Use the diagram above to complete column two in the table below. b. Assume the market price is Ps. In other words, the price Ps which results in the socially desirable quantity GS is achieved 'by magic'. Use the diagram to complete column three of table below. c. Assume an output tax is imposed to move the market from the private equilibrium to the social equilibrium. Complete column four of the table below. d. Assume a cap and trade policy was imposed to move the market from the private equilibrium to the social equilibrium. Assume the permits were sold to firms by the government, and the permits were to produce emissions/carbon. Complete column five of the table below. Govt. Revenue Net Social benets Total Su [us Deadwei-ht Loss