Please show the first question with a diagram

Question 1: Price floors In the 1970's the Australian government instituted a floor price for wool, called the Reserve Price Scheme. This was designed to guarantee Australian wool farmers a 'fair' price for their products. A) Show the effects of such a price floor on a demand and supply diagram, and explain in writing. (5 marks) B) Explain the impact of this policy on efficiency. You will need to consider consumer surplus, producer surplus and deadweight loss. (5 marks) Question 2: Elasticity a. Explain what is meant by the term price elasticity of demand. b. What factors determine the price leasticity of demand, and explain the impact that each has on the estimated value of elasticity. c. Suppose you are a government official responsible for establishing a scheme to raise new taxes. Explain why elasticity might be an important consideration in your decision