4. *(Topic 3) Draw a standard market diagram showing equilibrium price (P*) and quantity (Q"). a) What would happen if the government imposes a price floor below P*? Above P? b) What would happen if the government imposes a price ceiling below P*? Above P* c) Starting from the original equilibrium position (P*, Q"), show what would happen if the government imposes a tax of $t in this market. Show the effect on the price buyers pay and sellers receive. Show the effect on quantity in this market. Show the welfare consequences of this tax. d) Starting again from the original equilibrium position (P*, Q"), show what would happen if the government grants a subsidy of $s in this market. Show the effect on the price buyers pay and sellers receive. Show the effect on quantity in this market. You do not need to show the welfare consequences of this subsidy in terms of change in consumer and producer surplus (unless you're very brave, because this is hard), but you definitely can evaluate how this subsidy affects allocation efficiency