Question: Consider this supply function (in its inverse form and in levels): P(Q)=2.5 0.33Q Using Excel, plot this function where Q varies between 1, 2, 3,

Consider this supply function (in its inverse form and in levels): P(Q)=2.5 0.33Q Using Excel, plot this function where Q varies between 1, 2, 3, 4, and 5. (5 points) Among the candidate functions below, find the function that represent the effects from ad valorem subsidy. Then, plot that function along with the function that you plotted in part a. (10 points) The candidate functions are: P(Q)=2.5 0.33Q 0.1 P(Q)=2.5 0.33Q-0.1 P(Q)=2.5 0.33Q 0.1Q P(Q)=2.5 0.33Q-0.1Q In a short paragraph (word limit: 100 words), describe the differences from the supply effect of ad valorem subsidy vs. ad valorem tax. (10 points)

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