Please explain this question with graphs if possible, and be sure to add explanation, even equations would suffice!

QUESTION 5 King Kanuta, the wise ruler of Nutting Atoll, is worried that their subjects eat too many coconuts. He is considering a tax to reduce coconut consump- tion. His advisors told him this may not be a good idea for two reasons. First, there is a fixed quantity of coconuts produced in the atoll and they cannot be sailed to other islands. Thus, coconut producers sell the same amount of coconuts regardless of the price. Second, they are also worried about the price of fish, the main substitute of coconuts in the atoll. They predict that the tax on coconuts would increase the price of fish and thus harm fishermen. (a) Help King Kanuta find out the effect of the tax on the price of coconuts and fish. Would they increase, decrease, or remain the same? Explain your reasons. (4 points) (b) Do a welfare analysis to show who wins and losses from this tax on coconuts, and whether there is any loss of efficiency. (3 points) (c) Frustrated by the opposition to his coconut tax, King Kanuta decides instead to impose a ban on coconut production: existing producers will only be allowed to produced half their current amount. Assuming that the number of coconut producers is fixed, (i) what would happen to the price of coconuts and fish? (ii) What happens to the profits of coconut producers? (iii) Is there now a loss of efficiency in the coconut market? (3 points)