Everything you need to know about EXTERNALITIES- Micro Unit 6

Your teacher of professors is going to ask you to draw externalities, including the socially optimal quantity and deadweight loss. The might even require you to draw both types: a consumption externality and a production externality.
Here are three rules that will help you.
1. Consumption externalities always have two benefit curves (MSB and MPB). Production externalities have two cost curves (MSC and MPC).
2. Negative externalities always produce too much and positive externalities always produce too little.
3. Deadweight loss points left for negative externalities and right for positive externalities.
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[@mimianalystmind6014]

For those who don't know.
Here is the definition of externality: is a cost or benefit of an economic activity experienced by an unrelated third party. The external cost or benefit is not reflected in the final cost or benefit of the good or service. The economist views it as inefficient for the market, and the issue is serious enough to lead it to failure.
The impact of the externality can be positive (production and consumption) or negative (production and consumption).

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What is the meaning of the externalities??

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Cost that is bore by others who are not part of original production

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