Please read the instructions carefully and complete the following problem. Your solutions should be hand-written and neatly presented. You are expected to submit a PDF scan of your hand-written work. Please ensure all your workings are clear and legible. Problem: Analyzing the Effect of a New Carbon Tax Consider the market for petroleum. The initial supply and demand curves for petroleum are given by the equations Qs = P and Qd = 100 - P, respectively, where S is the quantity supplied, D is the quantity demanded, and P is the price. Note that the equilibrium in this market is P = 50 and Q = 50. Recently, to reduce carbon emissions, the government imposed a carbon tax of $20 per barrel on petroleum. Complete the following tasks based on this scenario: 1. Draw and label the initial supply and demand curves for petroleum. 2. Based on the carbon tax, create and draw a new supply curve. 3. Shade in the region of your graph representing the total tax revenue that this tax will generate. 4. Shade in a different color the region of your graph representing the deadweight loss that this tax will generate. 5. Explain the changes you have made to the graph, the rationale behind the shifting supply curve, and how the tax revenue and deadweight loss areas were determined. Remember to clearly label your axes, curves, and equilibrium points