Suppose a tax of $1 per pound is put on apples.

a. If apples and peanuts are substitutes, what will happen to the output of peanuts and the price to the sellers of peanuts. Draw a graph as part of your answer.

b. Given that apples grow from plants that last a long time, and the plants are not costless to remove, what will happen to the value of apple land?

c. What will happen to the value of general farm tractors?

d. What will happen to the value of specific apple growing equipment?