Answer ALL questions. Question 1 [15 marks] (a) The demand for a mobile app is given as Q = 126 - 7P. The supply for the mobile app is given as Q = 14P. What are the equilibrium price and quantity of the mobile app in the market? Use a supply and demand diagram to show the equilibrium in the market. Find the consumer and producer surplus and how them on the same diagram. [8 marks] (b) Deemed as causing addiction to young people, the government decided to impose a tax on the demand for the mobile app to discourage the use of the mobile app. Show and explain, using a diagram, the effect the tax imposition on the market of the mobile app and how the burden of tax is shared. [7 marks]