Fed up with what they see as too many loud parties in the neighborhood, a group of residents have hired famous economist Jim. The residents appreciate that parties are fun for the partiers, but they feel that they suffer from the noise and the trash. a) Jim asks you to outline how (i) a Pigouvian policy approach and (ii) a capandtrade policy approach would work here. What would those look like here? How would you determine the 'right' size for those policies, under a typical economics approach? b) What would Coasian bargaining look like in this example? What obstacles to suc cessful bargaining are likely? As a theoretical and / or practical matter: how, if at all, will the prescriptions of the three policy options (Pigouvian, capandtrade, Coasian) depend on how rich the impacted residents are? Explain your