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Assume that gizmos are produced in a perfectly competitive, constant-cost industry. It is currently in a position of long-run equilibrium at a price of $40 per unit. Each of the 25 identical firms produces 20 units of gizmos. Suppose that in response to the public demand for environmental protection, the government requires all firms in this industry to reduce their carbon dioxide emissions. As a result, the firms must make a once- and-for-all investment in a filtering system. For simplicity, it is assumed that firms incur no additional costs to use the filtering system. a) How does this regulatory change affect the production decision of a firm in the short run? Illustrate your answers in a pair of diagrams (one for the market and the other for the firm). Show clearly the changes in (i) the industry output, (ii) the quantity supplied by each firm, and (iii) the economic profit or loss of a firm. b) Illustrate a new long-run equilibrium in a pair of diagrams. Relative to the initial long-run equilibrium, what will happen to (i) the price of the product, (ii) the industry output, (iii) the quantity supplied by each firm, (iv) the number of the firms in this industry. C) Will consumers pay part of the cost of the filtering system in the long run? Explain