i. A competitive refining industry produces one unit of waste for each unit of refined product. The industry disposes of the waste by releasing it into the atmosphere. The inverse demand curve for the refined product (which is also the marginal benefit curve) is = 24 - Q, where Q is the quantity consumed when the price consumers pay is . The inverse supply curve (also the total private cost curve) for refining is TPC = 2Q + 2, where TPC is the total private cost when the industry produces Q units. The total external cost curve is TEC = 0.5Q, where TEC is the total external cost when the industry releases Q units of waste. a. What are the equilibrium price and quantity for the refined product when there is no correction for the externality? b. How much of the chemical should the market supply at the social optimum? c. Suppose the government imposes an emissions fee of GhcT per unit of emissions. How large should the emissions fee be if the market is to produce the economically efficient amount of refined product