(This is a file upload question. You can draw your graphs with a computer or hand draw them on a piece of paper. If you draw them with a computer, you simply upload the electronic file here. If you hand draw your work, you can scan it with a scanner or cellphone to upload the file here. The file uploaded must be in the format of doc, docx, pdf, jpg or png.)

For each of the following separate scenarios, draw one or two graphs.

(a)Suppose a binding price floor is imposed on the market for bread. Draw a graph to show the effects of the price floor. Indicate the shortage or surplus if any. Also, indicate the black-market price.

(b)A sales tax is levied on buyers of good B. Draw a graph to show the impacts on the market for good B. Neither demand nor supply is perfectly inelastic. Your graph should indicate the CS, PS, tax revenue and DWL after tax.

(c)Draw two graphs to compare:

(i) the price elasticity of supply of ice-cream vs (ii) the price elasticity of supply of new houses. (The difference between the two graphs must be clearly shown!)