Task details: QUESTION 1: 35 marks; Word Limit: 400 words The demand for and supply of cashew nuts in Ghana are, respectively. given by Q\" =12000200P (1) Q' = 7000+ SOP (2) Where P is price in dollars per kg, and Q is the quantity of cashew nuts. a. Using equations [1) and {2) draw the demand and supply diagram of cashew nuts. Correctly label the diagram. (i) Find the equilibrium price and quantity of cashew nuts. (5 marks} b. To encourage the consumption of cashew nuts. because of its nutrition properties, the government passed a price regulation law by which the price of cashew nuts was set at $18 per kg. i. Briey explain the type of price regulation policy the government introduced. (2 marks} ii. Calculate the quantities of cashew nuts demanded and supplied under the price regulation policy. (10 marks} iii. Write a brief comment about how the quantity demanded compares with the quantity suppled, and the efficiency of the cashew market after the price regulation policy. (3 marks} c. One year after the price regulation, the government allowed the importation of cashew nuts and imposed a tariff (tax) of $1 per kg of cashew nuts imported. i. Determine the quantities produced by domestic firms and purchased by domestic consumers. Show them on the diagram {7 marks) ii. How much tariff (tax) revenue did the government collect. (3 marks) iii. Calculate the inefficiency caused by the tax. Clear indicate your results on the diagram. (5 marks}