Which of these two policies maximizes social welfare:

(a) Policy 1. Spend $1,000 per capita on regulation such that average cancer risk is 1 in 1 million from lifetime exposure to air pollution and 1 in 1 million for lifetime exposure to water pollution.

(b) Policy 2. Spend $1,000 per capita on regulation such that average cancer risk is 1.2 in 1 million from lifetime exposure to air pollution and 0.7 in 1 million for lifetime exposure to water pollution