2. The federal government nds it necessary to increase its tax revenues. It decides that part of this increase will come from the imposition of a tax on a competitive industry that formerly has not been taxed. Two proposals are under consideration regarding the form of the tax: (1) A licensing arrangement by which every rm in the industry must pay a at fee of $F per year; and (2) a tax on sales by which each rm would be required to pay a tax of $13 on each unit produced and sold. Analyze the longrun effcts of these alternative taxing schemes on: ** Note: for parts (a) through (d) you will need to draw two sets of graphs, one for the rm and one for the industry under each tax policy. Start rst by drawing the rm and industry graphs side by side for tax policy (1). Then draw the same two graphs below for tax policy (2). In each graph use the following notation: p,- for price, q,- for rm output, Q,- for industry output, LMC, for long-run marginal cost, LAC,- for longrun average cost, D,- for industry demand, 5',- for industry supply, where 2' : 1 for initial longrun equilibrium values and i : 2 for new long-run equilibrium values