A steel mill is located next to a farmer's cropland. The mill emits pollution that damages the farmer's crops and surrounding lands. The crop damage can be reduced if the mill installs a precipitator to capture some, but not all of the pollution emitted from the coal ovens. The farmer owns fields to the south of the mill, and knows from experience that the fields most damaged are south of the mill. He could instead rent fields to the west of the mill from a neighbor who has not farmed for several years, where the mill smoke causes some damages but less than the south field. The farmer and mill know that the mill is causing crop damages, and both have to decide which actions to take before the next growing season. The mill could keep operating without the precipitator, or could install the precipitator. The farmer could keep using the south field, or could pay rent and other costs to use the west field instead. The following table summarizes the cost of the various possible actions, and the crop damage, if any.A steel mill is located next to a farmer's cropland. The mill emits pollution that damages the farmer's crops and surrounding lands. The crop damage can be reduced if the mill installs a precipitator to capture some, but not all of the pollution emitted from the coal ovens. The farmer owns fields to the south of the mill, and knows from experience that the fields most damaged are south of the mill. He could instead rent fields to the west of the mill from a neighbor who has not farmed for several years, where the mill smoke causes some damages but less than the south field. The farmer and mill know that the mill is causing crop damages, and both have to decide which actions to take before the next growing season. The mill could keep operating without the precipitator, or could install the precipitator. The farmer could keep using the south field, or could pay rent and other costs to use the west field instead. The following table summarizes the cost of the various possible actions, and the crop damage, if any.D Question 7 2 pts Suppose that the steel mill has the right to pollute and is under no legal obligation to install the precipitator. What is the steel mill's willingness to accept in order to install the precipitator to abate its pollution? Why? Edit View Insert Format Tools Table 12pt . Paragraph ~ B I U A 2 Try :D Question 7 2 pts Suppose that the steel mill has the right to pollute and is under no legal obligation to install the precipitator. What is the steel mill's willingness to accept in order to install the precipitator to abate its pollution? Why? Edit View Insert Format Tools Table 12pt . Paragraph ~ B I U A 2 Try