11. (4 points) A chemical producer dumps toxic waste into a river. The waste reduces the population of fish reducing profits for the local fishery by $150,000 per year. The firm could eliminate the waste at a cost of $100,000 per year. The local fishing industry consists of many small firms. a) Apply the Coase theorem to explain how costless bargaining will lead to a socially efficient outcome when property rights are assigned to the fishing industry. b) Apply the coase theorem to explain how costless bargaining will lead to a socially efficient outcome when property rights are assigned to the chemical producer . () Verify the Coase Theorem if the cost of eliminating the waste is doubled to $ 200,000. d) why might bargaining not be costless