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Question 2: Illustrate and briey explain the following scenarios that exhibit externalities in the market. a. Not following social distancing rule during COVlD-19. Illustrate the
Question 2: Illustrate and briey explain the following scenarios that exhibit externalities in the market. a. Not following social distancing rule during COVlD-19. Illustrate the scenario wherein the social cost is higher than the private cost and why this results in a deadweight loss. Identify the social cost of not following social distancing rule (you can specify actual events) and they party who bears the deadweight loss (egg private household members like the youth and elderly or government}. You can google the actual events if you want to cite them. b. COVlD-19 protocol of wearing masks. Illustrate the scenario wherein the social value is higher than the private cost. Identify the social value being benefited by wearing masks. Also include the specific parties who benets. Relate it to the Philippine government, society, and even the health workersfhealth industry
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