4. For ve years, an oil drilling company has protably operated in the state of Alaska (the only place it operates). (10 points) a. Last year, the state legislature instituted a at annual tax of $100,000 on any company extracting oil (or natural gas} in Alaska. HOW would this tax affect the amount of oil the company extracts? Explain. b. Suppose instead that the state imposes a well-head tax, let's say a tax of $10.00 on each barrel of oil extracted. Answer the questions of part a. Depict the effect of the tax in a graph with demand, marginal revenue, and marginal cost curves. c. Finally, suppose that the state levies a proportional income tax (say 10% of prot}. Answer the questions of part a. C]. Now suppose that the company has a limited number of drilling rigs extracting oil at Alaskan sites and at other sites in the United Sates. What would be the effect on the company's oil output in Alaska if the state levied a proportional income tax as in part c