The perfectly competitive market for a particular chemical, called Negext, is described by the following equations: Demand is given by Q = 100 – 5P Supply is given by Q = 5P For each unit of Negext produced, 4 units of pollution are emitted, and each unit of pollution imposes a cost on society of $1. Compute the total cost of pollution when the market is at equilibrium. Show work. What is total social welfare in the market after taking into account the cost of pollution as well as consumer surplus and producer surplus? Show work. Using a piece of graph paper, graph the supply and demand curves to scale, and label the equilibrium price and quantity you found in part a. Identify the surplus areas on your graph. Compared to your answer to part b, would banning Negext increase or decrease welfare? Explain. Suppose that the government restricts emissions to 100 units of pollution. Compute how this policy affects consumer surplus, producer surplus, and cost of pollution relative to your results in parts a and b. Show work. Would you recommend this policy? Why or why not? Explain.