1. For purposes of this question, note that pecuniary externalities are not typically considered to be a standard externality. The global supply of a popular chili sauce is largely or exclusively manufactured by one factory in California. a. Suppose that when this factory opened, it purchased a large tract of land and then began buying inputs like machines and peppers from nearby firms. Further suppose these purchases caused nearby land and housing values to increase, squeezing nearby renters. Is that increase an externality the way it is usually defined? In 1-2 sentences, why or why not? b. Production of this chili sauce uses large quantities of peppers, and suppose the factory installs a new ventilation system that emits particles from pepper processing to the neighborhood, causing neighbors' eyes and throats to suffer, and then nearby home values fall. Is that decrease in home values an externality the way it is usually defined? In one sentence, why or why not