The loud music coming from the sorority next to your dorm is a negative externality that can be directly quantified. The accompanying table shows the marginal social benefit and the marginal social cost per decibel (dB, a measure of volume) of music. Marginal private cost (w/o Volume of music (dB) Marginal private benefit taxes) 90 - 91 36 92 30 0 2 93 24 4 94 18 6 95 12 8 96 97 9 10 0 12 1. Draw the marginal private benefit curve and the marginal private cost curve. Use your diagram to determine the private optimal volume of music (Only the members of the sorority benefit from the music and they bear none of the cost. Which volume of music will they choose?) 2. The college imposes a tax of $3 per decibel of music played. From your diagram, determine the volume of music the sorority will now choose (social optimum level). 3. Explain what happened to the new optimum when externalities (taxes were enforced)