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Before the recent pandemic and Pandemic Recession, a Canadian firm planned to spend $2.5B (B for billion) building a pipeline in the US to transport Canadian oil to US ports. Of the $2.5B, $2B would be paid to US firms and workers. In the analysis below, the project is the planned pipeline construction and the locals are the US residents. Except in part d, assume that, when the project was considered, the US economy was operating near full capacity, with less than 4% unemployment. a.[3] Estimate the user benefit for the locals from the project. Explain how you get your estimate. b.[9] Estimate the net benefit US residents would get from the total payments they would receive from the project. Justify all the parts of your estimate and explain them so that someone who has not taken this course could understand them. c.[4] What are likely to be the biggest costs the pipeline project would impose on US residents (other than any costs included in your estimate in part b)? Do not estimate these costs, just explain what their most likely source would be. d.[3] The payments and resulting net benefits of the project could not have been known for sure. How should uncertainty about them affect a reasonable estimate of the net benefit US residents would get from the plan? Explain. e.[6] Suppose instead that, during the construction, the US was expected to be in a big economy-wide recession in which all sectors had a lot of unused productive capacity. How should that affect a reasonable estimate of the net benefit from the project for locals? Be as complete and specific as possible and explain all the modifications you make in your answer to part b.