Suppose there are two mining firms in society. Each firm has 300 tons of CO2 baseline emissions. Their marginal abatement costs are as follows: Quantity of Abatement (tons of CO2) Firm 1 MAC Firm 2 MAC 0 SO SO 20 $30 $70 40 $60 $140 60 $90 $210 80 $120 $280 100 $150 $350 120 $180 $420 140 $210 $490 160 $240 $560 180 $270 $630 200 $300 $700 220 $330 $770 240 $360 $840 260 $390 $910 280 $420 $980 300 $450 $1,050Consider a $420 per ton of CO2 tax: 1. (1 pt) How much would Firm 1 abate under such a tax? 2. (1 pt) How much would Firm 2 abate under such a tax? 3. (1 pt) What is the total abatement cost to Firm 1 under the $420 tax? 4. (1 pt) What is the total abatement cost to Firm 2 under the $420 tax