Show the market for cigarettes in equilibrium, assuming that there are no laws banning smoking in public. Label the equilibrium private market price and quantity as Pm and Qm. Add whatever is needed to the model to show the impact of the negative externality from second-hand smoking. (Hint: In this case it is the consumers,notthesellers,whoarecreatingthenegative externality.)Labelthesocialoptimaloutputandpriceas PeandQe.Onthegraph,shadeinthedeadweightlossat the market output.

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