Show mathematically the effects on the equilibrium price and quantity of corn from a specific tax of \(t=\$ 2.40\) collected from suppliers, as illustrated in panel a of Figure 3.6.

Figure 3.6:-

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(a) Specific Tax Collected from Producers p. $ per bushel P = 8.00 P = 7.20 P-1=5.60 T = $27.84 billion t=$2.40 N e Q = 11.6 Q = 12 $2 D1 Q, Billion bushels of corn per year IS (b) Specific Tax Collected from Customers p, $ per bushel P2=8.00 P = 7.20 P2-1=5.60 T=$27.84 billion ex es t = $2.40 D2 0 Q2 11.6 Q = 12 D1 Q, Billion bushels of corn per year ST