1. Symbolic and numerical lax incidenoe: Consider a market described by the following equations: 0', = o + it? Q: = c + riP + ET Where Tdenotes the quality of technology and a. b. c. d and e represent numerical constants. Note that b must be less than zero and the others are positive. Answer the following questions. a. What are the endogenous variables? What are the parameters and what are their expected signs? Why is T exogenous? b. Solve for the equilibrium priceI P\d. Now suppose a specific tax, T > 0, is imposed on this market and suppliers are responsible for paying this tax to the government. Represent the new realized prices for buyers and sellers as functions of the specific tax, T > 0. Solve for equilibrium price, and the after-tax equilibrium quantity. e. Now suppose buyers are responsible for paying the tax from part (d) to the government. Represent the new realized buy and seller prices as functions of T > 0. Solve for equilibrium buy and sell prices, and the after-tax equilibrium quantity. f. Compare your answers to parts (d) and (e). Why are the buy and sell prices the same when the buyer and seller administer the tax