Assume that the marker for tradable emissions permits by power plants

Assume that the marker for tradable emissions permits by power plants has been operating efficiently for several years. An engineering firm then invents a lower cost device for pollution abatement. What happens to the equilibrium market price of a tradable permit? Why? Draw a supply and demand diagram, with a fixed supply of pollution permits, along with your answer. Has the socially optimal amount of pollution increased or decreased? Explain. Create a graph on a spreadsheet program (such as MS Excel)