6) Consider the market depicted in the graph below. Price SS 50 45 s 40 35 5 10 15 20 25 30 35 40 45 Quantity a. Suppose that the government decides to impose a tax on the suppliers of this good in the amount of $5 per unit. i. On the graph, draw the new supply curve that would result from this tax. ii. Solve for the new equilibrium quantity, the "sticker price", the price paid by consumers and the price received by producers. iii. Calculate the new producer surplus, consumer surplus, and the total surplus in the market. iv. Who bears most of the tax burden in this case - the producers, the consumers, or do both share equally? v. What is the government revenue from this tax? What is the deadweight loss? (Assume there are no externalities associated with this market.) b. Again, consider the scenario from part a. Suppose that everything remains the same, except demand becomes much less elastic. i. Would we expect this to affect the amount of deadweight loss resulting from the tax? If so, how? ii. Between the two markets ( the one in the graph and the one with less elastic demand), which would you recommend the government tax, solely from an efficiency standpoint? iii. How will this change in elasticity affect how the tax burden is distributed? iv. Would it make a difference if the government instead imposed the tax on consumers rather than producers