Supply & Demand (10 points each) For the following, examine the market for holiday wrapping paper in Billings. Diagram t

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Supply & Demand (10 points each)For the following, examine the market for holiday wrapping paper inBillings. Diagram themarket and assess the impact of any change on the market clearingprice and quantity, upon CS,PS, and TS. Consider each question separately (i.e. don’t build onyour answer from #7 in #8).You may want to diagram additional markets to illustrate you trainof thought.
2. In an effort to combat global warming, the US governmentmandates the elimination of papershopping bags.
3. The city council places a $5 tax on each roll of wrappingpaper. (5 extra points if you cancorrectly predict what will happen to the amount of paper on eachroll and explain why.)
4. To help domestic wrapping paper manufacturers, US governmentofficials implement a pricesupport system where they buy as much paper from Americanmanufacturers as theproducers are willing to sell at $5 above the prevailing marketprice. The governmentofficials then have a big bonfire with all of the wrapping paperthat they purchase.
5. Ostensibly in an effort to aid the poor around the holidays,a maximum price for Scotch tape(and all other clear tapes) that is below the current price isimplemented.
6. The Trump administration pushes through a dramatic increasein the tariff (a tax) on importedsteel.