Reference no: EM131277379
Consider the following supply and demand schedule: (Everything is in the right order; eg: $0, 0, 80)
Price:$0, $1.50, $3.00, $4.50, $6.00, $7.50, $9.00, $10.50, $12.00
Supply:0, 10, 30, 50, 70, 90, 110, 130, 150
Demand: 80, 70, 60, 50, 40, 30, 20, 10, 0
A.) Calculate producer surplus, consumer surplus, and total surplus
B.) Suppose the government imposes a $4.50 tax per unit sold on the suppliers of this good. Show the effect on a graph. Be sure to identify and calculate the equilibrium price, equilibrium quantity, consumer price, producer price, consumer tax incidence, producer tax incidence, government revenue, and the deadweight loss.
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