Question 5(20 points) A.What is the tragedy of the commons? How might this problem be avoided? [5 points] B.State the two laws of thermodynamics. Explain their implications.[5 points] C.The following information is given related to an environmental project: MWP (marginal willingness to pay) = $80 - 2q MC = $10 (i). Draw the demand and supply curve for this project. (ii). What is the efficient quantity of production? Price? (iii).Calculate the net benefit associated with this project. [5 points] D.What are the different methods used by policy makers to calculate Total willingness to pay (TWP) for non market goods? Provide definition for each of these methods and provide two examples. [5 points]