5. The Alberta government decided to reduce mercury emissions from coalfired plants by up to 50% within the Greater Edmonton region (GER). There are two options available for the government to choose from: setting either an emissions standard or an emissions fee. The lberta government is unsure whether the marginal abatement costs will be low or high. Let's assign MC" to high abatement cost and MCLto low abatement cost. MCL = 10E + 480 MC\" = 10E 480 M B = 800 6E where E refers to units of mercury abated. ccording to the last study, the hiberta government estimated a 50% chance of each of the marginal abatement costs. 3. Calculate the optimal level of emissions for each of the cost curves above. b. Write the expected marginal abatement cost {equation}. c. Calculate the optimal emissions standard according to the expected abatement costs. d. Calculate the optimal abatement fee according to the expected abatement costs. e. Why is it socially efficient to set marginal benefits equal to marginal costs rather than abating until total benefits equal total costs? f. List and explain two methods to remedy an externality by a government