Draw & Explain The Answer.

Q4. Suppose that the federal government requires producers to pay a RM0.50 tax on each liter of petrol sold. a. Draw a supply-and-demand diagram of the market for petrol before the tax. Show the price paid by consumers, the price received by producers, and the quantity of petrol sold. What is the difference between the price paid by the consumers and the price received by the producers? b. Now draw the supply-and-demand diagram for the petrol market with the tax. Show the price paid by consumers, the price received by producers and the quantity of petrol. What is the difference between the price paid by buyers and the price received by sellers? Has the quantity of petrol sold increased or decreased