Question 5 Low income families in Canada are calling for a GST tax holiday in Canada for school supplies as part of their tax cut package. This 'holiday' commonly takes the form of a tax-free weekend lasting Friday through Sunday. Some people argue that during this GST tax holiday, stores have to cut prices to compete for customers. Others argue that because the tax holiday drives so many customers to the stores that they will be able to raise prices. (a) What would be the effects for this "GST tax holiday" on the price for the school supplies? Which argument is true and why? Explain all parts of the questions in your own words using appropriate microeconomic concepts learned in the second half of the course. You MUST upport (justify)_your arguments using appropriate microeconomic theories learned in the second half of the course to receive marks. 5 marks] Canadian government also likes to consider regulating the price of school supplies recognizing that the tax on school supplies unfairly targets low inco ilies and they deserve a break when the need it most. Discuss how the government can fulfill this strategy. Also, discuss what might be the problems when ementing this strategy? ain all parts of the questions in your own words using appropriate microeconomic concepts learned in the second half of the course. You MU ort (justify)_your arguments using appropriate microeconomic theories learned in the second half of the course to receive marks