a. The President of PlannedEconomyLand is very keen on setting the prices of goods and services in the economy. The President would especially like to set a high price for milk to help dairy farmers of the country make more income. The President also likes to set the price of a staple foodstuffs, like rice, low so that consumers can afford to buy rice. The President asks you: 'if I set the prices of agricultural products, what could go wrong if I set the prices too high or too low relative to what consumers are willing to pay or producers are willing to supply goods and services? Explain your answer to me using examples and diagrams

b. 'A tax is not paid where it is laid'. Explain this statement using the example of a tax placed on the retail price of a consumer good and explain and show who bears the burden of the tax in your example.