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3. Suppose we are concerned about the level of an organic chemical pollutant in a watershed. The marginal benefit (in dollars) of reducing this pollutant by Q mg/L can be represented by the following equation: MB = 60 - Q. The marginal cost of reducing Q mg/L of this pollution (in dollars) can be represented by the equation: MC = 10 + 2Q a) Draw the marginal benefit and marginal cost curves. [Hint: x-axis represents the quantity of pollution reduced (mg/L), and y-axis represents the price per unit of pollution reduced ($/mg/L) b) How much of the pollutant would be reduced, in mg/L, in a static efficient allocation ! ( c) Calculate the total net benefits to society that would be achieved by this static efficient allocation. Please indicate the area of net benefit in the figure d) Now, assume that the quantity of pollution reduced is 20 mg/L (i.e. Q = 20). Calculate the total net benefits to society, and then compare it with your answer in question c). Please indicate the area of net benefit in your figure