The following graph shows the market for magic wands in a fictional country of Buranda. Suppose that citizens of Buranda realized that the equipment used in production of magic wands creates noise above 70 dB, which over a prolonged period of time is harmful for people's hearing. Suppose that the harm is estimated at $3 per magic wand. Based on the graph, if 5 magic wands are produced, they are valued at $ whereas the social cost is equal to $ This means the market outcome is Suppose the government of Buranda imposes a tax equal to $3 per magic wand in an attempt to make producers of magic wands to internalize the cost to society.