6. (3 points) Meredith takes her bicycle to work to reduce the pollution in her city, while Bill chooses to drive in a large truck. Meredith chooses to bicycle because she is altruistic, and wants to lower her impact on climate change, by lowering her impact on carbon. Now pretend that a system of tradable permits is created putting a worldwide limit on carbon emissions. a.) With tradable permits in place, does Meredith's biking lower carbon emissions? b. In terms of private consumption, how do tradable permits cause Meredith's welfare to change (if at all), relative to Bill's welfare. c. Given that Meredith chose to bike because she was motivated by altruism, is there any possibility that tradable permits may her more likely to drive to work rather than bike? Explain your