Identify a newspaper article that illustrates a market failure in the  Caribbean country of Dominican republic. Ensure that you provide a screenshot of the article in your  submission. The screenshot should include the name of the publication, date of  publication and name of the article. NOTE: Only the following market failures should be examined: public good,  asymmetric information, positive or negative externality. (i) Identify the type of market failure being discussed in the article and discuss why  market failure occurs in this scenario.  (ii) Suggest a relevant government policy that would yield the efficient outcome and  carefully explain the process through which the implementation of the government  policy will lead to the optimal outcome. (Maximum 30 words)  (iii) Carefully explain how the imposition of the chosen government policy impact  consumer surplus, producer surplus and total surplus in this scenario. (Maximum  30 words)

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Market Failure Analysis

To understand Market failure, we need to first understand welfare economics. An Italian economist, Vilfredo Pareto stated that allocation of resources in an efficient manner such that an economic change, which harms no one and makes someone better off, indicates an increase in social welfare. It is also called Pareto Optimality, where resources cannot further be reallocated without harming one. This does not apply to those economic changes, which harm some and benefit others. social welfare increases if the utility of any of its members' increases and none decrease in the economy.