(Solved): help please! Consider the market illustrated in the figure to the right. Supply curve S1 represe ...

Consider the market illustrated in the figure to the right. Supply curve $$S_1$$ represents the private cost of production and demand curve $${\mathrm{D}}_1$$ represents the private benefit from consumption. Suppose consumption of this good creates a positive externality. Show how the externality affects the market. 1.) Use the line drawing tool to draw either a new supply $$\left({\mathrm{S}}_2\right)$$ or demand $$\left({\mathrm{D}}_2\right)$$ curve incorporating the positive externality in consumption. Properly label this line. 2.) Use the point drawing tool to indicate the market equilibrium price and quantity. Label this point 'Market equilibrium: 3.) Use the point drawing tool to indicate the efficient equilibrium price and quantity. Label this point 'Efficient equilibrium'. Carefully follow the instructions above, and only draw the required objects.