Problem 5. Taxing sugary drinks (25 points) You are working in the campaign team of the governor of California. The governor would like to implement a tax on sugary drinks. You are asked the following: a. (10) What should be the amount of the tax (per ounce)? Try your best to make a recommendation. There is no right or wrong answer. We want to evaluate your reasoning based on the economic concepts learned in class. If you want more background on taxing sugary drink you can have a look at this article. You can also use other references to (online) sources. b. (8) Assume that the tax is levied on producers. How will the tax affect the equilibrium price of sugary drinks on the market? Illustrate your answer using a supply demand graph. c. (7) Who is more likely to bear the burden of the tax (and have the highest probability to vote for the governor's opponent in the next elections)? How would your answer change if the tax is levied on consumers instead