An example of a public good is a fireworks display. Nobody can be excluded from enjoying them, and this leads to a free-rider problem. But there are also an economies of scale aspect of it: watching a grand fireworks gives much more pleasure than just a few sparkles in a backyard which leads to the fact that the best fireworks display are those produced by the government (maybe?).a) What do you say to the idea of a city government imposing a tax on those who watch the fireworks? Give me two reasons to support it, and two reasons not to support it.b) Aside from the fireworks case, what are some specific recent major events or issues that could be categorized as market failures? Explain the nature of the market failure. You need not limit this to just the U.S. situation. As a guideline, each of the 10 points will be derived from the following: Post your answer (400-500 words) to the posted DQ responding to the matter asked, instead of repeating the question or not attending to the question. Substantive answers include making comments using concepts found in the assigned reading materials or offering examples from your experience. Hence merely providing a brief yes, I agree or no, I do not agree postings are not adequate posts Write in correct grammar; any errors will translate to a deduction in points. Check for the spelling; any errors will deduct points. Your responses must be substantive that include your own thoughts, supported with research (at least two external sources other than textbook, and you must quote these sources). You get one point when you respond to one of your classmates posts, also with substantive comments (100-200 words). One more point when you respond to another classmates post (100-200 words). One point for collaboration. It is intended that your involvement in discussions be of a collaborative nature. Collaboration spirit is quite different from confrontation. Deadline: due date for each DQ will be on Monday night 11.55pm, but you are free to make your comments prior to Monday night. One point will be deducted for each day of late submission. Offer a creative solutions in addition to the obvious socio-economic impacts of each topic, such as environment, politic, or other issues. Offer a future recommendation or alternative options for the future with regard to the topic in question.