As it relates to your graph from Question 3, please explain in a narrative response of approximately two paragraphs (total):

1. How you determined the monopolist output level Q₁and price P₁ when a negative externality was present. How do they compare to Q₀and price P₀ you found in Questions 1 and 2 in the absence of a negative externality (smaller, larger, the same) and why?
2. How you determined the socially optimal output level Q_SO1 when a negative externality was present. How does Q_SO1 compare to the Q_SO you found in Questions 1 and 2 in the absence of a negative externality (smaller, larger, the same) and why? How does Q_SO1 compare to the Q₁ (monopolist's output) you found in Questions 3 and 4 (smaller, larger, the same) and why?