3.14 The market demand and supply functions for dvd films in Quebec are estimated as follows: Demand: P = 60 - 5Q Supply P = -60 + 10Q Where Q = millions of films on dvds sold in the province per year a ) Determine the equilibrium price (P) and quantity exchanged (Q) of films in Quebec. Draw the demand/supply diagram and indicate all key values. How much is spent annually on films in dvd format in Quebec? b) The National Assembly is debating a motion to introduce a culture tax of $5 per dvd sold in the Province. Calculate the impact the new excise tax should have on the market price and quantity exchanged for dvd films as well as the amount of tax that will accrue to the provincial government from the new tax. C) The Minister of Culture in a recent press conference assured the producers and distributors of dvd films that the impact of the tax on their operations will be minimal since the tax is intended to be paid by consumers. Analyze the impact that this measure will have on the market. What is the price elasticity of demand and price elasticity of supply at the original price? Do you agree with the Minister's assertion? Use sound economic reasoning