1. The table below shows the Marginal Willingness To Pay (MWTP) of three individuals -Scott, Lee and Cassie for different levels of quality of Lake Winnipeg. Quality is expressed in terms of parts per million (ppm) of dissolved oxygen (DO). Water quality improves at higher DO levels. The Marginal Private Cost (MPC) of each additional level of water quality is also given in the table. DO level Marginal Willingness to Pay (MWTP) Marginal Aggregate (ppm) Private Cost Scott Lee Cassie MWT (MPC) $11 $11 $13 35 10 12 30 12 10 25 18 20 aUAWNHO 24 OH AUIVO - WA a OO 30 10 36 5 42(B) Plot the Aggregate marginal willingness to pay (MWTP) and the Marginal Private Cost (MPC) on a graph with DO on the horizontal axis. Label the Socially efficient point as "A", the Socially efficient Output as "Q*" and the Socially efficient MWTP/P as "P*" (5 marks) Suppose researchers estimate that, artificially increasing the dissolved oxygen level in the water, a process known as "aeration" may be good for a better beach experience at Gimli but may damage the natural habitat for phytoplankton, zooplankton and reduce the food source for some fish species. They value these damages at an additional $4 for each level water quality (DO)