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Verbally and by means of graphs show positive and negative externalities (hint: MCp, MCs) Make sure...

Verbally and by means of graphs show positive and negative externalities (hint: MCp, MCs) Make sure to indicate Q's in all cases and draw conclusions about it. What solution do you suggest?

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Externality refers to a consequence of an economic activity that affects a third party but this consequence is not reflected in the market price. It can be divided Into positive and negative externality. Positive externality refers to benefits(MEB) enjoyed by the third party as a result of a firm's action but for which the party has made no payment. Example- inoculations. Negative externality refers to negatives costs faced by a third party due to the firm's or individual's action as induced when the MEC(marginal external cost ) is not taken into consideration. Example - noise pollution, discharge of effluents into a nearby river

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