Competitive Markets and Externalities [Insert your responses to the following questions: What impact do policy interventions have on the supply and demand equilibrium for a product? Provide specific examples from the simulation to illustrate.] [What are the determinants of price elasticity of demand? Identify at least three examples. Based on the outcome of the simulation, explain how price elasticity can impact pricing decisions and total revenue of Unit Price Value Nuisance the firm.] $4.03 $1.70 10.13 [Based on the results of the simulation, can policy market interventions cause consumer or producer 4.04 -3.32 10.13 surplus? Explain why using specific reasoning.] total nuisance per person -$1.20 - Total $1.85 Figure 2.1 of Unit Price Value Nuisance 1355 $170 10.20 LO.44 13.30 10.20 permit payoff .#19.25 total nuisance Total -$21.14 Figure 2.2