Explain the following questions on the role of taxes/subsidies in price determination:

a. What does it mean to say buyer vs seller price and that a tax/subsidy is a 'wedge' or 'gap' between those two prices in a market?

b. What is the difference in a tax and subsidy? Provide an example of each and how they impact buyer vs seller prices.

c. What role do the price elasticities of supply and demand play in the price impacts on buyers vs sellers for a tax? d. If an agricultural market has both inelastic supply and inelastic demand, what is the expected impact of a subsidy in this market?