QUESTION 5 Suppose Queensland Government is considering imposing carbon taxes on a mining site in far north Queensland because a recent study found that the mining site might have a negative health impact on local communities. The inverse demand curve is given by P = 500 - 5q The marginal private cost curve is given by S = MPC = 20 + q The marginal social cost curve is given by 8* = MSC = 140 + q Using the information find the relevant equilibria to calculate the following: The before tax equilibrum price and quantity is (list price then quantity with a comma, between the numbers. Do not include any spaces in your answer) The after tax equilibrum price and quantity is (list price then quantity with a comma, between the numbers. Do not include any spaces in your answer) The change in consumer surplus is $ The change in producer surplus is S The gain of tax revenue is $ The gain of local communities is S The deadweight loss eliminated by the tax is S Provide your answers in whole numbers in the boxes above. In your spreadsheet please provide a detailed explanation of your calculations along with a graphical illustration of the tax (1 .5 marks)