Homework 5 ACE 411 Fall 2022 In the previous homework, you utilized economic theory to model an externality. In this assignment, you will take the model to the data. Specically, you will \"use economic theory to explain environmental prob lems in developing countries\" (course objective number 2) and \"analyze, visualize and interpret economic relationships using data in excel\" (course objective number 4). By combining these two course objectives, you will draw a connection between economic theory and a pressing real world application , the social costs of carbon. To complete this assignment, you will need to download the homework5.xlsx dataset from Canvas. Use excel or a statistical software package of your choice to complete the requested tasks and answer the following questions. Students are encouraged to work collaboratively, but each student is ex pected to submit their own assignment. Your answers should be submitted on Canvas before the due date. To receive full credit, you will need to submit a pdf le with your answers. All graphs/ charts / tables and answers should be included as part of the pdf le. This question analyzes the size of the externality related to carbon emissions. To provide some background on the topic, read the article \"Stanford Explainer: Social costs of carbon\" posted on Canvas. Next, open the dataset and explore what's in it, the source of the information is the Our World in data website (https : //ourworldindata. org/) and the data is provided by the Global Carbon Project or the World Bank. The le is comprised of one sheet containing the following variables: 0 Region 0 per capita 002 emissions in 2020 by fuel type: 1. coal . oil . gas 2 3 4. cement 5. aring 6 . other industry 0 population 1. In your own words (not those of the authors in the article), describe the social costs of carbon and how it is calculated. (5 points) 2. Use the data to create a stacked bar chart that shows per capita 002 2020 emissions by fuel type for each region. Describe in words what the bar chart shows. (10 points) 3. Use the Biden administration's estimated social cost of carbon (provided in the article) to calculate the total size of the negative \"carbon externality"7 related to energy consumption of the average American annually. (10 points) 4. How does the externality of the average American compare to other parts of the world? (5 points) ACE 411 HOMEWORK #5, PROF. JANZEN