In 2019, it was well documented (at least in the media I care about) that there was a significant back-up near the peak of Mr. Everest. About 400 individuals (not counting the Sherpas) attempted to ascend the mountain from the Nepalese side. The alpinists (buyers) pay guiding companies and Sherpas (sellers) around $75,000 each for assistance in their summit attempt. The grid lock near the summit not only put the paying climbers in danger, but also increased the risk for the Sherpas. Furthermore, the alpinist have relatively inelastic demand, while due to other economic opportunities the Sherpas supply is relative elastic for guiding up Mt. Everest. a) To mitigate the risk of a traffic jam the government of Nepal is considering levying a tax on the alpinists ascending the mountain. On a graph show 1) economic theory's prediction of this policy (price and quantity) 2) highlight its welfare implications and 3) the tax incidence. Be specific, clear and label the graph. Price 400 Quantityb) Alternatively, the Nepalese government is considering only permitting 200 alpinist to attempt to climb the mountain (a quantity restriction). Show the effect of the quantity restriction on the price, quantity and economic welfare on the graph below. Be specific, clear and label the graph. Price 400 Quantity