Question 10 12 pts The diagram below shows the demand curve and some selected isoproflt curves for a rm selling brand new (not second hand} budget small cars which are highly differentiated from rivals' products. Currently, the only models of cars the rms produce are powered by unleaded petrol. 10.000 Marginal cost I lsopl'olit curve: P\" = 55.440 --------------------- $150,000 lsoprofit curve: 563360 Price, marginal cost (5) Demand c u we 0 10 20 Q' - 32 Q, 1-20 Quantity of cars, Q Explain. in your own words, and with explicit reference to the above diagram, what would happen in the following 3 scenarios: 1. Aglobal pandemic, meaning that taking public transport or car sharing is less preferred [and in some cases, not possible). (4 points) 2. An increase in environmental awareness from people who are buying cars. who wish to still own a car but to contribute less to carbon emissions and climate change. {4 points]I 3. The government placing a tax [equal to 500 for every single car produced) on the manufacture of petrol-powered vehicles, payable to the government by the rm. [4 points) In all the above scenarios, ensure you explicitly refer to all the relevant changes, and payr particular attention to rm's prots, prices, quanties, and the demand/supply curves