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Please refer to the below question: Q1 (5 marks). Suppose the market for wheat can be expressed as: Q5 = 300 6;) 2 = 4p

Please refer to the below question:

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Q1 (5 marks). Suppose the market for wheat can be expressed as: Q5 = 300 6;) 2\" = 4p a. (2 marks). If government imposes a specic tax of $5 per unit on suppliers, what will be the price buyers pay? What is the tax incidence and govemment's tax revenue? b. (2 marks). Suppose the demand for wheat is changed to Qd = 360 8p (with the same supply function). If government imposes a specic tax of $5 on suppliers under this demand, what will be the price buyers pay and what is the tax incidence? c. (1 marks}. Discuss the difference in tax incidence under the above two demand functions. Why is there a difference in tax incidence

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