Considering what we’ve learned about externalities, should human-caused global warming be completely stopped? Explain, using the language of social benefits an social costs. In the following cases,...

Considering what we’ve learned about externalities, should human-caused global warming be completely stopped? Explain, using the language of social benefits an social costs. In the following cases, the markets are in equilibrium, but there are externalities. In each case, determine whether there is an external benefit or cost an estimate its size. Finally, decide between a tax or a subsidy as a simple way to compensate for the externality. Fill out the table below with your answers. a. In the market for automobiles, the private benefit of one more small SUV is $20,000 an the social cost of one more small SUV is $30,000. b. In the market for fashionable clothes, the marginal social benefit of one more dress per person is $100, an the marginal private benefit is $500. Bonus: Can you tell an externality story that makes sense of these numbers? c. In the market for really good ideas, ideas that will dramatically change the world for the better, the private benefit of one more really good idea (from speaker’s fees, book sales, patents, etc.) is $1,000,000. The marginal social benefit is $100,000,000.