1) Come up with a very specific example of externality assigned to each group and describe the situation about what the private cost, the private benefit, the external cost, and the external benefit are, and the comparison between the two equilibrium. (4 points)

Choose the following type of externality for each group: negative consumption externality for groups 1-3, negative production externality for groups 4-6,positive consumption externality for groups 7-8, and positive production externality for groups 9-10.

I'm in group #7, which should help out with narrowing things down!