4) Consider good A again. The demand for good A is given by: QD=40-1/2P The supply for good A is given by: QS=-20+1/2P a) Graph the demand and supply curve. Label the equilibrium price and quantity. b) Calculate the consumer surplus and the producer surplus, and label them on the graph. The Senate has decided that the consumption of good A has negative externalities and should be taxed. Senator Pretentious convinces his colleagues that buyers should pay the tax\"they should pay for the damage they inict on society!\" Thus, a tax of $5 per unit is imposed to be paid by buyers. 1 Based on Stevenson and Wolfers (2001). c) Copy your graph from a) and show how the tax affects the market. Label the new equilibrium quantity, the price by consumers, and the price received by suppliers. (1) Calculate and label: consumer surplus, producer surplus, tax revenue, and DWL. Senator Pompous always strongly objected to this. The tax, she said, should fall on the corporations that produce good A, not on consumers. Suppose she had won, and the tax had been placed on sellers. e) Copy your graph from a). Show the effect of this alternative tax. Label: the new equilibrium quantity, the price by consumers, and the price received by suppliers. f) Use the change in consumer surplus and producer surplus, tax revenue, and DWL to explain why maybe the senators should not have disagreed very strongly