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Consider a market for steering wheel locks

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People often take costly measures to protect their property from theft. Consider the following two ways to protect your car: (i) Steering wheel lock. If a car is protected by this type of lock a thief would have to remove it before stealing the car. The lock is made of steel and is difficult and time consuming to remove. (ii) A hidden radio transmitter which can be activated remotely to track down the car after it is stolen. It is usually hard to tell for thief if any given car is equipped with this type of transmitter or not.Now answer the following questions

(a) Consider a market for steering wheel locks. Do producers or buyers of steering wheel locks impose an externality on other parties? Will the equilibrium in this market be Pareto efficient? Explain your answer.

(b) Consider a market for hidden transmitters. Do producers or buyers of these transmitters impose an externality on other parties? Will the equilibrium in this market be Pareto efficient? Explain your answer.

Please explain to me if b and c are pareto efficient and why/why not?

Reference no: EM132367232

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