all parts of the question. Diagrams are provided. You must select and refer to that graph number (as appropriate) in your answer. Please be sure to discuss fully any graphs or diagrams that your refer to. (a) What is marginal social cost? Using a diagram from those below. (identify the number in your answer, show that without government intervention negative externalities associated with the production of a polluting good generate market inefficiency. (7.5 marks) (b) Suppose that the government were to address this market failure with the use of a tax per unit of emissions. Assuming that the elasticity of demand were relatively inelastic, choose the appropriate diagram (identify its number in your answer) and discuss how this could achieve and efficient outcome, and detail the burden of taxation between consumers and producers. (7.5 marks)