I really need help understanding all this and how to do it. Thank you so much

YOUR TURN! GRADED Question 2 (12 points) Industries in China who produce massive amounts of goods to meet global demand and numerous supply chains violate China environmental standards by dumping wastes into rivers and the environment. These wastes get into groundwater and reservoir water supplies, thus making drinking water unsafe for human consumption. Further, species drink this water and then humans consume the species. Lead and mercury have been found in these species. Demonstrate the market for manufactured goods that are produced in China. Distinguish between the market outcome and the socially efficient outcome. Shade the deadweight loss. ASSUME there are NO externalities in consumption. To receive full credit, your graph must include MSB, MB, MSC, and MC, and be completely labeled. The MAC INSC 4 of abateright Should society be allocating more resources or fewer resources to the production of Chinese manufactured goods? Social Science (SS) Learning Outcome 1 Social Science (SS) Learning Outcome 2 Social Science (SS) Learning Outcome 3Question 1 (12 points) There are two polluting firms in Freshen City USA, a popular tourist destination. In the recent past, the pollution in Freshen City has become a public health emergency. The pollution is negatively impacting the health of residents and tourism revenues. The citizens want the City to regulate the amount of pollution produced by the two firms. Below is data on the benefits and costs of abatement of pollution in Freshen City. Abatement Pollution MSB MAC = MSC Social Social Social TB TC NB 0 50 65 5 $ 65 $ 5 $ 60 10 40 55 20 20 30 45 45 $ 165 $70 30 20 35 60 40 10 25 65 50 0 15 70 $ 240 1249 Part 1: Complete the table above Part 2: Graph the MAC (MSC of abatement) and the MSB of abatement Part 3: Determine the optimal level of abatement, and hence pollution, in Freshen City USA. Recommendation: Scale x-axis in increments of ten units Scale y-axis in increments of five units Social Science (SS) Learning Outcome 1 Social Science (SS) Learning Outcome 2 Social Science (SS) Learning Outcome 3CHOOSE EITHER QUESTION 2 OR QUESTION 3 TO ANSWER. YOU DO NOT NEED TO DO BOTH. Question 2 (8 points) Suppose there are two polluting firms, each polluting 12 tons of sulfur dioxide (SO2). SO2 emissions create acid rain which harms species in lakes and rivers. The government imposes a per unit emission tax of $_ Each firm will be required to pay this charge for each ton of SO2 it emits. The data below represents'the marginal abatement costs for the two firms. Answer the questions that are provided on the answer sheet. Firm 1 Firm 2 Tons of SO2 Marginal Total Tons of Marginal Total abated Abatement Abatement SO2 Abatement Abatement Costs Costs abated Costs Costs (MAC) (MAC) $10 $10 $50 $50 20 30 55 105 30 60 70 175 UI D WNH 40 100 90 265 50 150 120 385 60 210 6 155 540 70 280 a permit cools 7 180 720 80 360 8 220 940 90 450 9 300 1240 100 550 win : 180 bes 10 400 1640 110 660 11 620 2260 120 780 was to each turn ed 12 1000 3260 A. How many tons of SO2 will Firm 1 abate? A. B. How many tons of SO2 will Firm 2 abate? B. C. What are the total costs of abatement incurred by Firm 1? C. D What are the total costs of abatement incurred by Firm 2? D. E. How many tons of SO2 will Firm 1 emit after the charge? E. F. How many tons of SO2 will Firm 2 emit after the charge? F. G. In total, how much will Firm 1 pay in emission taxes?** G. H. In total, how much will Firm 2 pay in emission taxes?* * H. *HINT: tax rate x units of pollution remaining for the respective firm ocial Science (SS) Learning Outcome 1 ocial Science (SS) Learning Outcome 2 cial Science (SS) Learning Outcome 3Question 3 (8 points) Use the following information to describe the workings of a tradable discharge permit market, and answer The EPA has determined that the optimal level of pollution in society is 60 units. Current levels of pollution are 72 units; thus 12 units of pollution will need to be abated. Firm Marginal Abatement Costs Current pollution levels Permits issued to each by each firm firm 1 $20 per unit of pollution 30 units of pollution 30 permits 2 $50 per unit per unit of pollution 42 units of pollution 30 permits TOTAL 72 units of pollution 60 permits A. What is the maximum price a permit could sell for? B. What is the minimum price a permit could sell for? C. Suppose the market price of a permit is $40. Describe the process of how pollution will be abated. The market allows firms to either profit or save money by not having to abate. In your discussion, calculate the profits or savings to each firm. Use complete sentences and proper grammar when answering. D. If the government decides that the optimal level of pollution has been reduced to 40 units, how will they go about reducing the permits from 60 to 40? Be specific in answering. Social Science (SS) Learning Outcome 1 Social Science (SS) Learning Outcome 2 Social Science (SS) Learning Outcome 3