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According to the New England Journal of Medicine, consuming soft drinks involves a significant externality. This is because consuming soft drinks can lead to medical conditions such as diabetes which not only lead to high treatment cost, but also reduce work productivity. There are 5 million consumers in the market and the following graph illustrates the weekly industry market demand and supply. Price of Soft Drinks Per week (per can in $) + MSC MPC 15 MPB Quantity (Million) For the following questions, focus on the quality of your explanation: a EXPLAIN how you can identify the type of externality. Also, if you are tasked to quantify the externalily in this scenario, explain how you would do it b. Suppose the government provides a subsidy of $0.5 per unit of product for All food and beverages (including soft drinks] so as to boost the economy, EXPLAIN and recommend to the government what it should do in order to completely Internalize the externality for the soft drink industry so as to achieve the socially desirable outcome. Also, indicate by shading clearly in the graph the Total Tax Revenue the government will be able to collect per week