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Question II EPA is considering a new control policy on mercury emissions from electric power plants, which are currently the largest remaining source of mercury emissions. In the following questions, let q be the amount of abatement, i.e., the reduction in emissions. The marginal abatement cost function of firm 1 (a coal-fired plant) is given by MC1 = 500 + ql, while the marginal abatement cost curve for firm 2 (a natural gas-fired plant) is given by MC2 2q2. With no regulation, each firm would continue to emit 5,000 units of mercury pollution. EPA's objective is to reduce the total (combined) mercury emissions from the two firms down to 7,500 units. a. If the EPA uses a command-and-control policy to achieve its objective and tells each firm to abate equal amounts, what will be total costs for each plan and their combined total costs? b. If EPA adopts a tax policy, what is the optimal tax rate per unit of emissions? a. c. What are the costs for each firm under the tax? d. Compare the total cost of the two firms in part (a) to that in part (c). Explain how and why costs do or do not differ. Question II EPA is considering a new control policy on mercury emissions from electric power plants, which are currently the largest remaining source of mercury emissions. In the following questions, let q be the amount of abatement, i.e., the reduction in emissions. The marginal abatement cost function of firm 1 (a coal-fired plant) is given by MC1 = 500 + ql, while the marginal abatement cost curve for firm 2 (a natural gas-fired plant) is given by MC2 2q2. With no regulation, each firm would continue to emit 5,000 units of mercury pollution. EPA's objective is to reduce the total (combined) mercury emissions from the two firms down to 7,500 units. a. If the EPA uses a command-and-control policy to achieve its objective and tells each firm to abate equal amounts, what will be total costs for each plan and their combined total costs? b. If EPA adopts a tax policy, what is the optimal tax rate per unit of emissions? a. c. What are the costs for each firm under the tax? d. Compare the total cost of the two firms in part (a) to that in part (c). Explain how and why costs do or do not differ