D Question 1 2 pts Answer the following questions, justifying sufficiently your answers by providing appropriate diagram/s and calculations. Take a picture of your work and upload on Canvas when instructed to do so. Two firms have the following marginal abatement costs: MAC = 300 - 10E and MAC2 = 90 - 5E2. (1) Suppose the government regulator decides to set an emission standard of 15 units for each firm (l.e. allow only 15 units of emissions). What is society's cost of reducing emissions from the two firms this way (i.e. using uniform standard)? (11) What is the cost-effective way to set emission standards such that there is a combined emission level of 30 units only from the two firms? What is society's cost of reducing emissions from the two firms in this scenario