Understanding how externalities impact market equilibrium is crucial for comprehending economic forces in the context of social and environmental factors. This assignment explores scenarios related to externalities, investigating their positive and negative effects on markets and society. By analyzing these cases, you will gain insights into how externalities contribute to market failures and the role of government intervention in addressing these issues. Title: Externalities and Market Failure New York, Tokyo, London, Dubai, Hong Kong, Mumbai and Sydney represent the dynamic cities known for their diverse industries, ranging from manufacturing to technology, and where residents enjoy access to essential public services like healthcare, education, and environmental protection. However, amidst this vibrant urban environment, various challenges arise due to external factors originating from different sectors. These external factors can yield both positive and negative effects, significantly shaping the city's economic conditions and the overall well-being of its inhabitants. For this discussion, please select one of the cities listed above or identify a similar city of your choice. Begin by providing a concise introduction to your chosen city, and then proceed to address the following questions: 1. Identify at least one negative and one positive externality originating from different industries and activities in