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I need support with this Economics question so I can learn better.(see details o

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I need support with this Economics question so I can learn better.(see details on file)There are many examples of externalities in urban economics. Externality occurs wheneveryour behavior affects other people’s welfare (either in a positive way or a negativeway), yet that effect on other people’s welfare is not reflected in the price (or cost) youpay for your behavior. A classic example of negative externality is smoking. When yousmoke, you pay the (monetary) cost of buying a pack of cigarettes and the (implicit) costdue to the harm it does to your health, but you do not pay the cost derived from its harmto other people around you, whose health is also negatively affected. Whenever there isexternality, price does not reflect the true cost (or benefit) of a behavior and the outcomeof market equilibrium does not maximize the society’s total welfare. This is what we calla market failure.
Requirements: 400

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