5: We discussed several Reason , for governmont invention )r00 market Each of the scenarios below require (ne governments inerention tc correct the marker tallure that arises. 'lease read ino scenarios and answer all the associated questions: a) There have been reports of college students in the US attending covid parties I.e. gatherings with the intention of catching COVID. What is the externality that arises from such benavior and how does the government address it? (b marks) o Provide an example or positive externality from education. Why does the market fail to allocate resources efficiently in education? How does the government address this market failure? (10 marks) c) The population of cod fish in the Grand Banks (a fishing ground off the coast of Newfoundland) is so low that scientists doubt if the Grand Banks ecosystem will ever recover. What was the market failure that resulted in the cod fish population getting so low? (5 marks) d) Why do you think National Defence will not be supplied by the market/private sector? (10 marks)