6. Textile industry is being accused as the main contributor of water pollution along the Citarum River in West Java. The polluted Citarum River imposes extra costs on people who live along the river banks. a. Draw the market equilibrium level of output and price of textile in the absence of externality. Use the graph to explain in what way market failure occurs and how it should be corrected. [5 points] b. Suppose there are three firms operating their textile factories operating near the area. Their initial pollution level and their cost of reducing pollution are shown in the table below. Firm Initial Pollution Level Cost of Reducing Pollution by 1 unit (unit) (Rp. million) A 100 10 B 140 15 C 80 5 Suppose that the newly elected Governor of West Java urges to reduce pollution at the Citarum River to 210 units, permitting each firm to pollute up to 70 units. The provincial government is considering to issue 210 tradable pollution permits of 1 ton each, which will be distributed equally among the firms. Determine which firm will buy the permit and which firm will sell it. Also, determine the optimum price and calculate the cost of pollution reduction