Suppose Ron Swanson suggests to Leslie Knope that she should consider the trading of noise emission permits along with the quantity restrictions. In essence, it initially limits each club to reduce emissions by at least :23 : 23 : % G + %) , but allows them to trade their reductions at a price q as long as total reductions is larger than a limit: 25 + 23 2_> \"1 + % Assume that both clubs have deep pockets so their budget constraints are non- binding. h. Show that the market equiiibrium price is g = 1. Hint: The market for permits has to cleartotal demand for permits = total supply of permits (which is % + 115]. (5 points) 1. Show that the trading of permits implements the social optimum. (5 points)